Suwannath, who has worked closely with Walden on pre-visualisaing Walden's The Chronicles Of Narnia films, is currently in development on the project with executive producer Steven Granat.
Set in a 2068 when humans have colonised the Moon, the story follows two teenagers that go in search of the mythical eponymous caves.
'We are thrilled that Rpin Suwannath will be directing his first film with Walden Media,' the company's chief executive officer Cary Granat said.
'It's a thrilling sci-fi adventure that incorporates the latest innovations in the world of space exploration and colonisation.'
Suwannath began his career as an intern at George Lucas's Industrial Light and Magic and worked on visual effects for Batman Forever.
His pioneering work on pre-visualisation techniques brought him into the Walden media fold. He also worked on the development of the X-Men and Matrix films.
Suwannath is represented by ICM and attorney Adam Kaller. Walden's executive vice president of production Alex Schwartz and creative executive Bonnie Solomon will oversee the project for the company.
Senior vice president of business and legal affairs Frank H Smith negotiated the deal on the company's behalf.