Pfister is known for his work with director Christopher Nolan. The two began working together on the 1999 Memento, and recently completed their The Dark Knight Rises.
Details of the script, by newcomer Jack Paglen, were not released.
Alcon's co-founders and co-CEOs, Broderick Johnson and Andrew Kosove, will produce with Straight Up Films' Marisa Polvino, Kate Cohen and Annie Marter.
"We have been talking to Wally about making his directorial debut with Alcon for over a decade since we all worked together on Insomnia," Kosove and Johnson said in a statement. "Wally is truly one of the most talented artists with whom we have ever collaborated. To now have the opportunity to work with Wally as a director...is a highlight for Alcon Entertainment."
Pfister has directed commercials for several years and is especially well known for his public service announcements on The Montana Meth Project.