Kaluuya, who worked with Peele on his critically acclaimed debut film, is starring in the flick with Keke Palmer and "Minari" star Steven Yeun. Barbie Ferrera, Brandon Perea, and Michael Wincott round out the cast.
The 42-year-old Oscar-winning director revealed the film's title and poster on social media, which is described as a new "terror" from the filmmaker.
Little information has been made public about the movie but the poster suggests that it will be released theatrically in July 2022.
Peele is producing the film alongside Ian Cooper of Monkeypaw Productions, with Universal Studios distributing the motion picture.
It marks the third time Peele - who has also written the screenplay for the upcoming project - has worked with the studio after the pair collaborated on his acclaimed horror movies "Get Out" and "Us".
The director previously revealed he had doubts about casting Kaluuya in the lead role of Chris Washington in "Get Out" as the flick tells the story of an African-American man who visits his Caucasian girlfriend's parents during a weekend getaway.
He said, "I didn't want to go with a British actor, because this movie was so much about representation of the African-American experience. Early on, Daniel and I had a Skype session where we talked about this and I was made to understand how universal this issue is."
"Once I'd wrapped my head around how universal these themes were, it became easy for me to pick Daniel, because at the end of the day, he was the best person for the role."
"He did the audition and it was a slam dunk."