Oyelowo's is producing through his Yoruba Saxon Productions company along with Fred Films, Leesa Kahn, James Spring and Andrea Keir. Michelle Manning is executive producing.
Come Away will feature Jolie and Oyelowo as the parents of the brother and sister who go on to become Peter Pan and Alice from Alice in Wonderland. When an older brother dies in a tragic accident, the siblings are forced to choose between home and imagination.
"Angelina and David are going to bring a beautiful chemistry and depth to this magical story, giving audiences a wonderful step outside the expected," Chapman said in a statement to Deadline.
"Brenda is a singular storyteller. Her decades of experience in creating rich fantasy worlds populated by complex characters make her a dream director for this project, which explores how fantasy functions as a way to cope with reality. Her thoughtful approach to filmmaking and indomitable talent make her the perfect person to bring this story to life," said Goodhill.
Jolie is currently shooting Maleficent 2 while Oyelowo will next be seen in horror film Only You and sci-fi drama Chaos Walking.