Ryan Reynolds and Sir Kenneth Branagh are to star in 'Mayday'.
The two actors will be directed by 'Dungeons + Dragons: Honor Among Thieves' filmmakers Jonathan Goldstein and John Francis Daley in the action adventure, which is being made in partnership between Apple Original Films and Skydance Media.
The movie is based on an original pitch from the directors to Skydance, and according to Deadline, the script was completed some time ago, well before the WGA strike began.
A start date for production has yet to be determined but the movie is likely to be the 'Deadpool' star's next project.
Specific plot details are being kept under wraps.
Ryan recently questioned the idea of making a 'Free Guy' sequel, insisting he wasn't sure if it was necessary to make a follow-up to the 2021 hit movie, even though it is already in development.
Speaking at the Just for Laughs comedy festival in London in March, Ryan told 'Deadpool 2' co-star Rob Delaney: "There is the potential to do a sequel to 'Free Guy', which would be fun.
"I would love it. But also like, does everything f****** have to be a sequel? I don't know. Sometimes it's OK to just do a movie and have it kick a** and then everyone go home.
"So you know, there's a bit of a push and pull there, resisting the urge to just immediately say, 'Ohh, doing a sequel will validate the first one.'
"No, the first movie validates the first one and then you can leave it at that. So I don't know, we're still talking about it."
'Free Guy' director Shawn Levy confirmed last year that the sequel was "still in development" but he had no plans to rush the follow-up to the film – which also starred Jodie Comer and Lil Rel Howery.
He said: "It's still in development. I don't know if it's in the cards, but it is very much still in development.
"It's something that Disney and Fox want badly. I really try to not make sequels that don't deserve to be.
"And it's why I didn't move forward with the 'Real Steel' sequel because I didn't feel we had a second movie that could match or top the first."