Jones will write and direct the project which will be a follow-up to his second directorial venture 'The Homesman', reported TheWrap.
The original film starred Wayne and Bruce Dern and followed the story of a rancher whose cattle drivers abandon his herd to look for gold, prompting him to train a group of boys for the job so he can avoid financial ruin.
Jones was last seen in Steven Spielberg's 'Lincoln', 'Men in Black 3' and 'Hope Springs'.
Jones' 'The Homesman' Meryl Streep and Hilary Swank.