The pair will each take charge of a short story for Sydney Unplugged, a series of 12 mini-movies produced by filmmaker John Polson and Gary Hamilton.
Fellow screen stars Russell Crowe and Liev Shreiber are also stepping behind the camera to contribute to the project.
Polson, the founder of Sydney's Tropfest short film festival, tells The Hollywood Reporter, "It's no secret some hugely talented directors, actors and others either live here or are from here. It's about time this talent got together to tell stories that showcase one of the world's most beautiful cities. The people that have stepped up to take part in this project are beyond our wildest dreams."
Production is expected to begin Down Under later this year (12) and is due for release in 2013.