In addition to directing, Jolie also wrote the screenplay and will star alongside Pitt, marking their first big-screen appearance together since 2005's "Mr. & Mrs. Smith."
Jolie and Pitt are producing "By the Sea," which reportedly focuses on a couple's relationship. Universal described the film as an "intimate, character-driven drama."
Jolie is currently in postproduction on her second film as a director, "Unbroken," which is also at Universal. The biographical drama about the Olympic runner and World War II hero Louis Zamperini is scheduled for release on Christmas Day.
Jolie made her directing debut with the independent Bosnian war drama
"I am very happy to continue my relationship with Donna [Langley, chairman of Universal Pictures] and the entire Universal team as I finish 'Unbroken' and begin work on 'By The Sea,'" Jolie said in a statement. "They have created a very special place for storytellers, and I look forward to the continued passion and support they have provided to me as a filmmaker."