Backed by CJ Entertainment, the film's budget is reported at $9.8m (KW10bn) and set for test shooting in August.
US-based Polygon Entertainment, led by computer graphics supervisor Hans Uhlig (The Day After Tomorrow) is co-producing the film while handling CGI.
The disaster film will portray the havoc wreaked when a tsunami hits the beaches of Busan's Haeundae, a popular vacation spot and coincidentally a venue for the Pusan International Film Festival and its Asian Film Market.
Sul will star opposite Ha Ji-won, who previously worked with Yun on Sex Is Zero 1 and 2. The rising starlet also worked with Lee Myung-se on Duelist.
Sul's latest role is that of the incorrigible crime-fighter Kang Chul-jung in the upcoming Public Enemy Returns, due to open June 19. The film is directed by veteran filmmaker Kang Woo-suk (Public Enemy, Silmido).