The pair, who previously collaborated on American Vampire: Survival of the Fittest, unveiled the miniseries at New York Comic Con.
© Vertigo
The title will focus on a mystery beneath the ocean waves that reveals a hidden mythology.
"I couldn't be more excited about The Wake!" Snyder told the Vertigo blog.
"This is a story Sean and I have actually been developing together for more than a year, a big, twisted, sprawling science fiction and horror epic, all of which begins with a single, terrifying discovery at the bottom of the ocean. It's one of the most ambitious stories I've ever done, and there's no-one I'd rather be creating it with than Sean Murphy."
Snyder went on to reveal that he and artist Rafael Albuquerque will be taking a hiatus from American Vampire of a little under a year from issue #34.
He said that the pair will be working on another project before they turn to the acclaimed title.
Snyder also unveiled a new Superman title he will be working on with Jim Lee in 2013.
The Wake will launch in 2013.
