Stealing Time was developed by Cooper and Segars, who worked out the storyline with Columbia's Doug Belgrad.
Story revolves around three generations of men who embark on a worldwide quest to uncover the secrets of an ancient device known as the Antikythera Mechanism, which may be the key component to making time travel possible.
Colin Trevorrow, who penned Tester for DreamWorks, has begun working on the Stealing Time script.
This project is the first that Cooper has set up at Sony since he departed as TriStar president in 1996. He's also producing The Crusaders for Universal; Tobey Maguire is attached to star and Gary Ross to helm the drama about the landmark 1954 Brown v. Board of Education case.