The movie will follow a team on the International Space Station as they discover surprisingly intelligent life on Mars through research samples.
Life will see Safe House director Daniel Espinosa at the helm. Its script comes from the same duo which brought this year's raunchy blockbuster, Deadpool, to the screen -- Paul Wernick and Rhett Reese.
Gyllenhaal, 35, who last year appeared in hits Southpaw and Everest, will next be seen in the drama Demolition in April. He is additionally set to appear in Stronger, a movie based on 2013's bombings at the Boston Marathon.