According to Heat Vision blog, the director's new film The Last Airbender, which stars Dev Patel, is scheduled to be released this year.
But Shyamalan is already circulating the script to his next film among top execs.
The filmmaker is known for keeping his projects secretive and reportedly only allowed very top executives to read through the script.
However, one of his own assistants took it away, reports the Mirror.
He has worked with Willis before, on The Sixth Sense and Unbreakable.
Photograph: Bruce Willis (Finbarr O'Reilly/Reuters) and Gwyneth Paltrow (Eric Gaillard / Reuters)