Los Angeles
Kravitz, who got writing and producing experience on "High Fidelity", co-wrote the genre thriller with E T Feigenbaum.
The makers have also roped BAFTA-winning actor Naomi Ackie to star opposite Tatum in the project.
Ackie is best known for featuring Netflix hit show "The End of the F***ing World", "Master of None" and "Star Wars" movie "The Rise of Skywalker".
In "Pussy Island", the British actor will star as Frida, a young and clever Los Angeles cocktail waitress who has her eyes set on the prize: philanthropist and tech mogul Slater King, played by Tatum.
"When she skillfully manoeuvres her way into King''s inner circle and ultimately an intimate gathering on his private island, she is ready for a journey of a lifetime.
"Despite the epic setting, beautiful people, ever-flowing champagne and late-night dance parties, Frida can sense that there''s more to this island than meets the eye. Something she can''t quite put her finger on. Something terrifying,'' read the official synopsis of the film.
Kravitz and Tatum will also produce ''Pussy Island'' along with Bruce Cohen and Tiffany Persons.
The film is a co-production between This Is Important, Free Association and Bruce Cohen Productions.
Production is expected to begin early next year on an undisclosed tropical island.
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