Helming the project will be Henry Joost and Ariel Schulman, who previously worked together on Catfish, Paranormal and Nerve, the streaming service said in a press release.
Mattson Tomlin -- whose credits include Boy and A Deconstruction of Reality -- penned the screenplay.
"I wrote this movie and still don't believe that this is real. Dreams do come true," Tomlin tweeted Thursday.
No details regarding the characters Foxx and Gordon-Levitt will play or the movie's storyline have been revealed yet.
Foxx is an Oscar-winning actor who has appeared in the films Baby Driver, Ray and Dreamgirls. He is currently the host of the TV game show Beat Shazam and is in the midst of filming Just Mercy with Michael B. Jordan.
Gordon-Levitt is known for his roles in the films Snowden, The Walk, Looper, Inception and The Dark Knight Rises, as well as in the TV sitcom 3rd Rock from the Sun.