The film is directed by Barry Sonnenfeld and written by Daniel Antoniazzi and Ben Shiffrin, reported Deadline.
A workaholic businessman (Spacey) must figure out how to redeem himself after a terrible accident leaves him trapped in the body of his family's cat, in the film.
Walken, 72, plays Felix Grant, the owner of a mystical pet shop, who assists the businessman during his feline time of stress.
EuropaCorp is financing, producing and distributing "Nine Lives".
This is the first time that Walken and Spacey, 55, are working together onscreen in feature film.