Mars is partnering with the studio for a musical-themed theatrical narrative feature, which the "Uptown Funk" vocalist will also produce and star in.
Details about the yet-untitled project are still scarce at this date, although Deadline reported that the film will mostly consist of original music that Mars will create and perform.
The Grammy winner celebrated the announcement with a video posted to his social media, in which he is heard playing "When You Wish Upon a Star" from "Pinocchio" on the piano.
This is not the first time that Mars will appear on the big screen, as he starred as a child actor in the 1992 comedy "Honeymoon in Vegas" and voiced Roberto in the 2014 animated film "Rio 2."
Earlier this week, Walt Disney Studios also announced that a "Hamilton" musical film was also in the pipes.
The adaptation of the blockbuster musical is set to hit theaters in October 2021, with "Hamilton" creator Lin-Manuel Miranda revealing that the original Broadway cast will star in the forthcoming film.
The project, billed in a press release as a "leap forward in the art of 'live capture,'" was filmed in June 2016 at the Richard Rodgers Theatre in New York City.
In addition to his partnership with Disney, Mars is reportedly back in the recording studio for his much-anticipated new album.
Details about the yet-untitled opus are scarce at this time, although it would follow 2016's chart-topping "24k Magic."
That album took the 60th Annual Grammy Awards by storm in 2018, winning Album of the Year, Best R&B Album, Best Engineered Album, Non-Classical and Record of the Year.
More recently, Mars collaborated with Cardi B on 2019's "Please Me," as well as Ed Sheeran and Chris Stapleton on "Blow."