Variety also reports that the film is tentatively tiled "Silvercup."
Details of Young and Wallis' characters are being kept under wraps.
Young is a relative newcomer who had a breakout role in HBO Asia’s 2014 miniseries “Grace." He also appeared in The CW drama “Containment.”
Wan set this horror thriller for New Line Cinema in a bit of a surprise move, since many expected that his next film would be the sequel to his blockbuster movie "Aquaman."
The director broke out in the horror genre with 2004's "Saw." Since then, he has remained a producer in that franchise, helped create the "Insidious"/"Conjuring" universe, and helmed "Furious 7."
He's also busy overseeing the "Conjuring" franchise and recently signed up to direct Amazon's "I Know What You Did Last Summer" series.