Basil Iwanyk will produce via his Thunder Road Prods. banner along with Proyas via his Mystery Clock Cinema banner.
Set against the legendary world of great pyramids and sphinxes, pic follows a common thief and a god on a magical quest.
Lionsgate and Summit’s respective production prexies Erik Feig and Geoff Shaevitz will oversee the project for the studio.
Proyas recently directed the Nicolas Cage thriller “Knowing” for Summit. He previously helmed “I, Robot” and “Dark City.”
Iwanyk, who is currently producing “Seventh Son,” previously produced “The Town” and “Clash of the Titans.”
Sazama and Sharpless have written the upcoming pics “Dracula Year Zero,” “Flash Gordon” and an untitled pic described as a futuristic “Jungle Book.”
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Proyas is repped by CAA, while ICM reps Sazama and Sharpless.