The cinematographer, who is best known for his collaborations with Christopher Nolan on films including Inception, The Dark Knight and The Dark Knight Rises, will direct Transcendence from a screenplay by newcomer Jack Paglen.
The Hollywood Reporter confirmed Depp's potential involvement in the film, for which the plot is being kept under wraps.
Pfister recently drew backlash in some circles by describing The Avengers as "an appalling film".
Depp will next appear alongside The Social Network's Armie Hammer in Gore Verbinski's The Lone Ranger.
> Joss Whedon responds to 'Dark Knight Rises' cinematographer criticism
> Johnny Depp, Armie Hammer in new 'Lone Ranger' pictures
The Lone Ranger will be released on July 3 in the US, and August 9 in the UK.
Watch a trailer below: