The actors and friends will team up for Race to the South Pole via their company Pearl Street, according to The Hollywood Reporter.
Race to the South Pole, which has been pitched by director Peter Glantz, will tell the tale of explorers Robert Falcon Scott and Roald Amundsen as they aim to reach the South Pole during the so called 'heroic age' of Antarctic exploration in the early 20th century.
Affleck's brother Casey Affleck is attached to play Captain Scott in the movie.
Pearl Street president Jennifer Todd will join the actors as a producer.
Chay Carter will be executive producer for Pearl Street, with Sarah Schechter in the same role for the studio.
Ben Affleck will next be seen in political drama Argo, while his younger brother is currently filming Out of the Furnace with Christian Bale, Rooney Mara and Willem Dafoe.
Damon's upcoming projects include Gus van Sant's drama Promised Land and a Liberace biopic for HBO.