Bayona is attached to the untitled Warner Bros project, reports Variety.
Eric Roth has written the script for the sci-fi film, which will be produced by Kevin McCormick.
No details of the plot have been revealed.
Bayona's second film The Impossible has earned star Naomi Watts a 'Best Actress' Oscar nomination.
The director's debut was 2007's The Orphanage.
Roth has written Extremely and Incredibly Close and the Oscar-nominated screenplays for The Insider, Munich and The Curious Case of Benjamin Button. He received an Academy Award for Forrest Gump.
Watch Juan Antonio Bayona talking to Digital Spy about The Impossible below: