The Men in Black actor has signed on for the remake of Mark Rydell's 1972 western, reports Variety.
The original Cowboys starred John Wayne and Bruce Dern, centring around a rancher who enlists a group of rookies to help him on a 400-mile cattle drive.
It was based on the novel by William Dale Jennings.
Jones previously directed The Three Burials of Melquiades Estrada and the upcoming The Homesman, which he wrote and also stars in.
He will shortly be seen with Robert De Niro in Relativity's The Family.
Watch Tommy Lee Jones in the trailer for his most recent film Emperor below: