Oyelowo is in talks to star in the as-yet-untitled film, while DuVernay will write, produce and direct.
The acclaimed duo will be teaming up for the third time, after also working together on Middle of Nowhere, which won DuVernay the Best Director prize at 2012’s Sundance Film Festival.
“The story we’re interested in will explore the complexities of intimate relationships within times of chaos, while also examining the chaos itself,” DuVernay said in a statement. “I’m looking forward to the journey.”
Best films to watch in 2015
Best films to watch in 2015
1/9 Suffragette - 11 September
Meryl Streep is bound to make a formidable Emmeline Pankhurst in Sarah Gavron's new film about the British women's suffragette movement of the early 20th century. Streep is again working from a screenplay by Abi Morgan who also wrote The Iron Lady.
2/9 Far From The Madding Crowd - 1 May
Thomas Vinterberg turns his hand to Thomas Hardy and British costume drama. Memories of the John Schlesinger version with Alan Bates and Julie Christie will be hard to exorcise. Carey Mulligan and the mercurial Flemish actor Matthias Schoenaerts star as Bathsheba Everdene and Gabriel Oak.
3/9 Jurassic World - 12 June
The third Jurassic Park sequel is finally here starring Chris Pratt. The storyline goes something like this - theme park gets dinosaur to attrack visitors and it all goes horribly wrong. Should prove a fun one among cinema-goers.
4/9 Terminator: Genisys - 3 July
Arnold Schwarzenegger kept his promise - he's back and he's trying to stop Judgement Day.
5/9 Spectre - 6 November
Bond is back for the 24th time. So is arch-villain Blofeld. Director Sam Mendes did a sterling job with Skyfall but the last movie ended on a very downbeat note with poor old Judi Dench signing out of the series. The challenge now is to reinvigorate a franchise that is already well into its 50s.
6/9 Cake - 20 February
It's Rachel from Friends as you've never seen her before as Jennifer Aniston plays Claire Bennett - a woman who initiates a relationship with a widower while battling hallucinations of his dead wife.
7/9 Suite Francaise - 13 March
It will be intriguing to see how Saul Dibb’s long-awaited adaptation of Irène Némirovsky’s novel deals with a problem that has often confounded British film-makers: how to portray French characters played by English-speaking actors in Nazi-occupied, wartime Paris without slipping into ’Allo ’Allo!-style caricature. Michelle Williams and Kristin Scott Thomas lead Dibb’s promising cast.
8/9 In The Heart Of The Sea - 13 March
Chris Hemsworth plays tough seafarer Owen Chase in this dramatic Moby Dick movie.
9/9 Cinderella - 27 March
Kenneth Branagh's live action remake of Disney's classic tale stars Downton Abbey's Lily James. Helena Bonham-Carter and Cate Blanchett also star as the Fairy Godmother and evil stepmother.
Hurricane Katrina became one of the deadliest and costliest natural disasters in US history when it hit land in 2005. More than 1,800 people died, primarily in New Orleans, and property damage was estimated at $108 billion.
“Hurricane Katrina is one of the most important social and environmental stories of our time,” said executive producer Jonathan King. “Ava DuVernay has shown herself to be highly skilled at bringing intimacy and contemporary urgency to epic events.”
To date, Selma has grossed almost $40 million at the box office and earned a Best Picture Oscar nomination earlier this month. However, both DuVernay and Oyelowo were snubbed for their roles in the film and did not feature in the Baftas shortlist either, sparking accusations of racism and “whitewashing” in Hollywood.
Academy president Cheryl Boone Isaacs responded to criticism, insisting that the organisation is “committed to seeking out diversity of voice and opinion”.
Oyelowo will next be seen starring alongside Lupita Nyong’o in Queen of Katwe, while DuVernay will direct a cable TV series about the black experience in America.