Alphaville will produce the film, based on the Robert Silverburg novel which centers on a quartet of collegians who discover an ancient book containing the secret to eternal life, and the high cost attached.
Sean Daniel and Jim Jacks, with extensive backgrounds in developing horror movies such as "The Mummy" and "The Scorpion King," will be co-producers.
Jeff Davis, whose thriller "Retribution" was sold last year to Dimension, has been signed to write the script.
"To be writing a psychological horror film for William Friedkin, the man who set the standard in the genre by directing what is considered to be scariest and most viscerally disturbing movie of all time, is more than a writer could hope," Davis told Daily Variety.
Before directing "The Exorcist," Friedkin won an Oscar for best director for "The French Connection."