The former co-actors are in negotiations to feature as 19th century hot air balloonists in the Amazon Studios' film, according to The Hollywood Reporter.
The project will be a period drama directed by Tom Harper, who will also co-produce.
The plot will revolve around the adventures of the duo - pilot Amelia Wren (Jones) and scientist James Glaisher (Redmayne).
The script has been penned by Jack Thorne and the film will also be produced by Todd Lieberman and David Hoberman from Mandeville Films.
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