The Oscar-winning actress has previously starred in "Jerry Maguire," "Down with Love," "Cold Mountain, "Chicago" and "Bridget Jones's Diary."
"My One and Only," which was inspired by an episode from actor George Hamilton's childhood, is slated to start shooting in April, Variety.com reported Tuesday.
Charlie Peters penned the script about a woman on the hunt for a rich man to take care of her and her sons, based on an anecdote Hamilton once told talk-show host Merv Griffin.
Richard Loncraine of "Firewall" and "Wimbledon" fame is set to direct the movie.
Notable deaths of 2014 [PHOTOS]