Page is up for an Oscar for her portrayal of a sarcastic pregnant teen in the big-screen comedy "Juno," while Murphy has starred in "Red Eye," "Batman Begins" and "Breakfast on Pluto."
In "Peacock," which is slated to begin production in May, Murphy will play a man with a split personality who convinces the local townspeople his alter egos are actually a married couple, Variety.com reported Friday.
"'Peacock' stunned me as a script from start to finish," Murphy said. "It offers an incredible challenge to an actor -- one I couldn't turn down."
Page will portray a young mother who causes a rift between Murphy's on-screen personalities, the trade paper said.