The actor - who was one of the producers on the 2010 remake of `The Karate Kid`, starring Jaden - has signed to appear in director M. Night Shayamalan`s latest movie, which is set 1,000 years into the future.
Jaden will play a boy who must find his way around an abandoned planet after his spaceship has crashed, withWill playing his estranged father.
Shyamalan said in a statement: "The chance to make a scary, science-fiction filmstarring Jaden and Will is my dream project."
Will and Shyamalan will produce the film - which is currently untitled - along with James Lassiter, Will`s wife Jada Pinkett Smith and Ken Stovitz.
Despite Jaden being just 12, Will has previously said he is confident he can cope with the pressures of being a child star.
He said: "He grew up in this industry so it`s not foreign to him. He understands that this is a family business. He didn`t have the shock and the radical life change that child actors usually have coming into the business."
The father and son pair previously starred together in 2006`s `The Pursuit of Happyness`.