Aronofsky directed "The Fountain" and Self penned "Road to Perdition."
Their new "Robocop" flick is expected to be released in 2010.
The announcement was made Thursday by Mary Parent, chairman of MGM's Worldwide Motion Picture Group.
"Darren is undeniably one of the most talented, original and visceral filmmakers, and David is one of the greatest writers in Hollywood," Parent said. "All of us at MGM couldn't be more excited."
Phoenix Pictures' Mike Medavoy, Arnold Messer, Brad Fischer and David Thwaites will produce the film, while Cale Boyter, executive vice president of production at MGM, will oversee the project.
"After making the first 'Robocop' at Orion more than 20 years ago, I'm thrilled to be helping to return this character to the screen with our partners at MGM and through the eyes of Darren Aronofsky and David Self," Medavoy said.
The original "Robocop," which premiered in 1987and starred actor Peter Weller, was about a main character who was "part man, part machine and all cop." It was followed by two sequels.