Allen has cast British performers Kate Winslet, Emily Mortimer and Jonathan Rhys Meyers in the film, which is known for now only as "Woody Allen's Summer Project." Allen plans to shoot the $15 million film in July and August.
It will be Allen's 36th movie but the first to be shot entirely outside of New York.
"I have a great admiration for English actors and actresses and have used them at every opportunity over the years, but now I won't have to import them to New York," Allen said. "My family and I love the idea of spending the summer here (in London). I only hope I can live up to the high standards of British movies I grew up with."