The 40-year-old "Irrational Man" actor previously worked with "The Sixth Sense" director on the science fiction thriller "Signs" (2002) and the 2004 psychological thriller "The Village".
The project, to be produced by Jason Blum, will start shooting in November in the director's hometown of Philadelphia, reported Deadline.
Plot details about the film have not been released, but it will reportedly have a lower budget.
Shyamalan's upcoming film, "The Visit", stars Kathryn Hahn, Ed Oxenbould, Peter McRobbie and Benjamin Kanes.
The film is slated to release in US on September 11.