DuVernay will write, direct and produce the feature film, described as a love story and murder mystery set during the time of Hurricane Katrina, Variety reports.
Oyelowo is reportedly in negotiations to produce and star in the untitled project.
"The story we're interested in will explore the complexities of intimate relationships within times of chaos, while also examining the chaos itself. I'm looking forward to the journey," DuVernay said, according to Variety.
This will mark the third collaboration between Oyelowo and DuVernay. In addition to "Selma," they also worked together on "Middle of Nowhere," which won DuVernay the best director award at the 2012 Sundance Film Festival.