Although plot details are scarce, By The Sea will star the two Hollywood actors as a married couple. Angelina will direct the film from a script which she also wrote.
Brad Pitt and Angelina Jolie at the premiere for Maleficent
They met in 2005 on the set of spy thriller Mr. and Mrs Smith. Brad was at the time in a high profile marriage to Friends star Jennifer Aniston but they soon announced their plans to divorce following the release of the film.
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By The Sea will be released by Universal who Angelina is currently working with on her second directorial feature Unbroken, the true story of Olympian champion and POW Louis Zamperini.
Hollywood star Angelina, recently co-chaired the End Sexual Violence in Conflict global summit with Foreign Secretary William Hague in London.
Brad Pitt and Angelina Jolie star in Mr and Mrs Smith in 2005
The largest ever to be held on the subject of sexual violence in war, Brad and human rights lawyer Amal Alamuddin, who is engaged to George Clooney, a close friend of Angelina and Brad, were also both in attendance to support Angelina.
In June, the 39-year-old was made an honorary Dame for her contribution to fighting sexual violence.
The 39-year-old said the award meant a lot to her: "To receive an honour related to foreign policy means a great deal to me, as it is what I wish to dedicate my working life to.
"Working on the Preventing Sexual Violence Initiative and with survivors of rape is an honour in itself," she added. "I know that succeeding in our goals will take a lifetime, and I am dedicated to it for all of mine."