According to The Hollywood Reporter, the film is about Sinbad, who, with his loyal crew, is marooned off the coast of China in the 8th century.
The Matrix star will play Sinbad the sailor, the legendary character from The Arabian Nights.
Fast And The Furious director Rob Cohen, who will be honoured on March 17 as the ShoWest 2005 Director of the Year, is in talks to direct the film.