Marking the 51-year-old actor's first directorial effort since 2007's "Into the Wild", the upcoming film is based on a true story about Norman Ollestad, who survived a fatal plane crash when he was only 11, the Hollywood Reporter said.
Penn is expected to just direct the film and not star in it. Bill Gerber is set to produce it along with Fonda Snyder and Rob Weisbach.
Before negotiating with Penn, Warners reportedly considered Alfonso Cuaron to helm the project but the studio always had its eye on the "Milk" actor.
Penn will next be seen in "This Must Be the Place", as well as "Gangster Squad", which has been pushed back by Warners to January 11, 2013.
