I Am Legend producer Akiva Goldsman will oversee the project's development alongside Joby Harold and Tory Tunnell, according to The Hollywood Reporter.
© Rex Features / Aflo/Rex Features
The title of the movie is said to be tentative and the plot is being kept under wraps, but the report clams that it will centre on an otherworldly being.
Efron, who recently appeared on-screen in The Lucky One and The Paperboy, is currently filming Are We Officially Dating? opposite Jessica Lucas and Imogen Poots.
The actor was also recently cast in Peter Landesman's President John F Kennedy assassination movie Parkland, alongside Paul Giamatti, Billy Bob Thornton, Jacki Weaver, Marcia Gay Harden, James Badge Dale, Jackie Earle Haley, Colin Hanks, David Harbour and Ron Livingston.
The Falling is yet to receive a release date.
Watch a preview clip from The Paperboy below:
