Actors Brad Pitt and Angelina Jolie are set to reunite on the big screen for the first time since the 2005 film Mr. and Mrs. Smith, this time appearing in the character-driven drama By the Sea.

Universal Pictures made the announcement Friday. "By the Sea" will be a home production for the duo, with Pitt as producer and Jolie as the scriptwriter and director, reports eonline.com.

"I am very happy to continue my relationship with (Universal Pictures chair Donna Langley) and the entire Universal team as I finish Unbroken and begin work on By The Sea. They have created a very special place for story-tellers, and I look forward to the continued passion and support they have provided to me as a filmmaker," said Jolie.

Hollywood's power couple had earlier referred to a finished project.

Back in 2012, Jolie had said: "I wrote something a few years ago for Brad and me. Just for fun. Just an independent little art piece. Because we don't get to do those as much as we'd like. But it's something really small and experimental."