According to Deadline, the actor has been tapped to helm the film by 20th Century Fox.
The Mountain is based on Edith Wharton's 1917 novel Summer, and follows a young woman who comes across a strange object and is forced to confront her darkest secrets.
The project marks a reunion for Stiller with screenwriter Helen Childress, who also penned Stiller's 1994 directorial debut Reality Bites.
Stiller will next be seen opposite Eddie Murphy, Casey Affleck and Matthew Broderick in the Brett Ratner-directed comedy Tower Heist.
He also recently signed on to star in an adaptation of British children's comedy series Rentaghost.
Watch the Tower Heist trailer below: