The 'M. Night School' project was founded by three former fans, including author Chris Baker, who claim that they want to help the filmmaker improve his craft after a series of box office bombs.
The trio hope to raise $150,000 (£91,000) in order to pay for Shyamalan to return to New York University. The director famously released his first film Praying with Anger while he was still attending the institution in the early 1990s.
So far, the website has raised more than $600 (£364) for the cause.
The filmmaker's former fans claim in an official statement on the 'M. Night School' website that moviegoers should feel obligated to help Shyamalan improve his technique.
"If we all donate just one dollar, we can send M. Night back to NYU so he gets the help we all so desperately need... Together we can write a better ending to this story than M. Night could ever dream of - let alone capture on film," the statement reads.
If the Lady in the Water helmer chooses not to accept a cheque from the group, Baker claims that he and his colleagues will set up a scholarship to send an aspiring filmmaker to NYU.
It was recently reported that Will and Jaden Smith have boarded Shyamalan's next project, which is reported to be a futuristic film where a young boy must brave the elements in order to save his father after their ship crashes.