The Fast Five actor will also serve as executive producer on the project for his own Laguna Ridge Pictures label and Universal Pictures.
Skyscraper is the first product on a two-year first-look agreement between the two studios. Fast & Furious producer Neal H Moritz will oversee the movie's development, Reuters reports.
"It is impossible that the Fast & Furious franchise would have become the phenomenon that it has without Paul's imprint on the series," Universal chairman Adam Fogelson and co-chairman Donna Langley said in a joint statement.
"We're excited to be the beneficiaries of his creative work as he branches out as a filmmaker and tackles the projects as a producer."
Walker is currently working on New Orleans-set thriller Hours, on which he is also a star and executive producer. He is expected to follow this with the sixth instalment in the Fast and the Furious franchise.
Watch a trailer for Fast Five below: