The director's project involves time travel and alternate dimensions in a tale where a group of explorers travel through a wormhole, the Hollywood Reporter said.
The script is based on scientific theories developed by Kip Thorne, a theoretical physicist, gravitational physicist and astrophysicist at the California Institute of Technology.
"Interstellar" is set up at Paramount but would be made in conjunction with Warner Bros, where Nolan and his Syncopy banner are based and for which he has made the three Batman movies as well as "Insomnia" and "Inception".
The script for "Interstellar" was written by his brother and frequent collaborator Jonathan. The siblings have worked together on "The Dark Knight Rises", "The Dark Knight" and "Prestige".
Jonathan also wrote the short story Memento Mori on which his brother's breakthrough movie "Memento" is based.
Steven Spielberg was reportedly supposed to direct "Interstellar" and produce it with Lynda Obst, and it is now unclear if he will remain involved.