Night is reportedly developing the project with Will Smith's production company, Overbrook. Says the column, "Unlike most of Shyamalan’s oeuvre, to which his most recent film The Last Airbender is an exception, A.E. is not written by Shyamalan. That honor goes to Gary Whitta, who wrote The Book of Eli and Undying, his in-development Kurt Russell project. Plot details are under lock and key although it is known that A.E. is being developed as a vehicle for Jaden Smith. There is a starring role for an adult male, although sources said Will Smith is not taking it on."
Since Overbrook's first-look deal is with Sony it's expected the project will end up there.