The 60-year-old actor is returning to filmmaking over 20 years after he made his directorial debut with "Nil By Mouth", Deadline reported.
Oldman will play famous photographer Eadweard Muybridge, a pioneer of motion pictures who had a troubled past. Muybridge murdered his wife's lover and is later acquitted by a jury for justifiable homicide.
"We long to make good movies, and that means good stories-and there are few stories as good as these events.
"Launching the first feature from our newly formed production company, Flying Studios, with Tucker makes the entire thing very special for us. We could not wish for a more supportive or collaborative partner," Oldman and Urbanski said in a joint statement.
Fellow producer Tooley added, "This project has been a passion of Gary's for some time, and I am thrilled to reunite with him to bring this compelling story to the big screen."
The announcement comes after Oldman's Best Actor Oscar win for "Darkest Hour" this year.
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