The movie is to premiere on Netflix and in select U.S. theaters in 2017.
Directed by McDowell and written by McDowell and Justin Lader, The Discovery is set one year after the existence of the afterlife is scientifically verified. Redford plays the scientist who makes the discovery, with Segel portraying his son Will and Mara playing Isla, Will's love interest and a woman haunted by a tragic past, the streaming service said in a press release.
Shot on location in Rhode Island, the film also features Jesse Plemons, Riley Keough and Ron Canada.
"To describe the story as original doesn't begin to capture the world that Charlie has created that will envelop you," Netflix Chief Content Officer Ted Sarandos said in a statement Monday. "Our global viewers are going to love this film."