Travolta and Preston met on the set of film The Experts
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John Travolta, wife Kelly Preston and their daughter Ella are to star with Robin Williams in a Disney comedy, according to the Hollywood Reporter.
Old Dogs centres on two best friends who suddenly find themselves responsible for seven-year-old twins.
The film will be directed by Walt Becker, who worked with Travolta on box office hit Wild Hogs.
Meanwhile, Queen Latifah is set to star in a remake of the 1984 Steve Martin comedy All of Me.
The original film is about an heiress whose soul ends up in the body of a lawyer. The heiress, played by Lily Tomlin, controlled the right side of his body, while Martin, as the lawyer, controlled the left.
Latifah was nominated for an Oscar in 2003
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The new version will be set in the world of politics, where a female liberal politician - Latifah - finds herself in the body of a conservative.
It is not yet known who will play the male lead.
Adam Shankman, who directed Latifah in 2003 hit comedy Bringing Down the House, will produce the film.
Latifah became the first hip-hop artist to receive a star on Hollywood's Walk of Fame earlier this year.
The 36-year-old earned a supporting actress Oscar nomination in 2003 for her performance in Chicago.