The studio said the movie will be an original drama, but did not offer details regarding what it is about or when it will be released.
Chase has a long-standing relationship with Paramount Studios chairman Brad Grey, his producing partner on "The Sopranos."
"Brad has always been adventurous as a producer and looked for different ways of doing things," Chase said in a statement Thursday. "I look forward to once again working with him, and now his team. For years, Brad has been a great partner, who helped enable me to do what I need to creatively."
"David is one of the great storytellers of our time, and his debut as a filmmaker is both highly anticipated and long overdue," added Grey, chairman and chief executive officer of Paramount Pictures. "In truth, David has been creating cinematic-quality filmed drama for more than a decade -- spanning nine seasons and 86 episodes of 'The Sopranos.' Having worked with David as a producer, I'm delighted to be with him again and to bring his unique vision to the big screen."
Notable deaths of 2014 [PHOTOS]