Costner has enlisted his friend and one-time collaborator Ariel Vromen to direct the project which has seemingly been in the pipeline for some time.
Speaking about the movie, Vromen said in a statement to Deadline: "I could not be more honoured to be reunited with my friend and collaborator, especially on Kevin's longtime passion project."
Plot details for the film, which is set to begin production in early 2025, are under wraps with no further details currently available.
It will mark the second film Costner and Vromen have made together, having previously collaborated on the 2016 action thriller Criminal which co-starred Tommy Lee Jones and Gary Oldman.
Vromen is currently awaiting the release of his drama 1992 which tells the story of the 1992 Los Angeles riots. The film stars the late Ray Liotta alongside Tyrese Gibson and Scott Eastwood.
Costner is currently preparing for the release of his upcoming movie Horizon: An American Saga which he has directed, co-written, produced and starred in.
Starring Sienna Miller, Jena Malone, Jamie Campbell Bower, Sam Worthington, and Luke Wilson alongside Costner, the film is set around the time of the American Civil War and details the expansion of the American West.
Chapter 1 of Horizon: An American Saga is set for release on June 28 of this year, followed closely by Chapter 2, which is set for release on August 16, 2024.
Meanwhile, the Yellowstone star recently welcomed an adorable new member to his family - a Labrador Retriever puppy. Confirming the news via his Instagram page, Costner revealed that he had recently adopted the puppy, sharing a series of images of himself and the cute new dog.
"Newest addition to the family. I'm already in love with this special guy," he captioned the post.
Yellowstone season 5 part 2 will air on the Paramount Network in November 2024. Horizon: An American Saga will be released on June 28, 2024; Chapter Two will follow on August 16, 2024.
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