Levy will helm the pic, which will be produced by Smith and James Lassiter via their Overbrook Entertainment shingle.
The script, about a father and daughter who live on the island of Manhattan as it breaks off and floats across the Atlantic Ocean, is being writing by Audrey Wells.
The project reteams Levy with Fox, where his 21 Laps banner is based. He recently worked with Fox on the comedy The Internship, which opened in June.
Source: The Hollywood Reporter