Pattinson, best known for his role as the gallant Cedric Diggory in the Harry Potter series, will play the vampire Edward who falls dangerously in love with a young woman who arrives in town. Stewart plays the young woman Bella.
Melissa Rosenberg adapted Stephanie Meyer's novel and Karen Rosenfelt and Greg Mooradian will produce along with Mark Morgan through his Maverick Films label.
'It's always a challenge to find the right actor for a part that has lived so vividly in the imaginations of readers but we took the responsibility seriously and are confident, with Rob Pattinson, that we have found the perfect Edward for our Bella in Twilight,' Summit's production chief Erik Feig said.
Feig will oversee the project with Summit's senior vice president of production Geoff Shaevitz and creative executive Gillian Bohrer.
Summit's director of business affairs Karen Barna negotiated the deal. Pattinson is represented by Endeavor Agency, management firm 3Arts Entertainment, and UK agency Curtis Brown Group.