Starring 'Face-Off' and 'The Rock' actor Nicolas Cage, the film will be the first big studio production to deal with the September 11 terrorist attacks on the twin towers in New York.
But the weekend announcement comes just days after London was hit by alleged Al Qaeda bombers in an attack on London's Tube system, which has officially claimed 52 lives with the death count estimated to rise to around 60.
Paramount made the announcement on Friday -- just 24 hours after the London 7/7 bombings.
News of the film, which will tell the story of trapped New York police offiers, was revealed in the entertainment news bible Variety.
A spokesman for Paramount admitted that the timing of the studios announcement was "not ideal".
News of the film comes in stark contrast to the sensitivity that followed 9/11. Sony Pictures pulled a trailer for 'Spider-Man' from the official website because it contained a shot of the World Trade Centre.
The tragedy also hit the movie 'Big Trouble', starring Tim Allen and Rene Russo, which Touchstone Pictures delayed by almost a year. This film did not feature the twin towers, but did include a nuclear device being smuggled on to a plane. Likewise the Ed Burns movie 'Sidewalks of New York' also had its release date pushed back until November.
The Stone directed 9/11 movie will see Cage in the role of real-life NYPD Sergeant John McLoughlin along with fellow officer William Jimeno, who were saved from the wreckage of the Twin Towers.
Paramount said it plans to release the film in 2006.
"It's an exploration of heroism in our country -- but it's international at the same time in its humanity," Stone said.
"I feel someone had to tell the story of the people who were in the trade centre before and after it collapsed. It needs to be told how this horrific tragedy brought Americans and the world together to help those in need," McLoughlin said.
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