To be directed by Alex Garland as a follow-up to "Ex Machina", the Paramount project will be produced by Scott Rudin, said the Hollywood Reporter.
The film is an adaptation of a book by Jeff VanderMeer.
The story follows a biologist, to be played by Portman, as she embarks on a four-person expedition into Area X, a territory cut off from civilisation to search for her missing husband.