No details regarding the plot or additional castings were immediately available.
Slated to begin filming this summer, the project is based on an original idea from Reynolds' Deadpool and Deadpool 2 collaborators, writer-producers Rhett Reese and Paul Wernick.
Netflix is producing Six Underground with Skydance Media, its partner on the comedy series Grace & Frankie.
"This marks the first collaboration between Skydance Media and Netflix for an event-level, feature film and the first Netflix project for both Michael Bay and Ryan Reynolds," a news release noted.
Bay is a filmmaker known for his work on the Transformers film franchise, as well as the blockbusters Bad Boys, Pearl Harbor and Armageddon.