No Remorse Pictures is producing the film, Daily Variety reported.
Douglas Buck is directing the script he wrote with John Freitas about a young woman, Doillon, who is kept virtually captive by her psychiatrist, Rea. Sevigny plays a reporter who gets involved and witnesses a homicide.
Buck was an engineer in charge of overseeing the electrical systems at New York's John F. Kennedy and La Guardia airports, when he enrolled in film school, Variety said.
He attended Freitas' lecture on "Sisters" at the New School and the two began their collaboration to remake the film.
Although he said he admired DePalma's "style over substance" filmmaking, Buck told Variety his version of "Sisters" will be more about the characters.