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."
Aaron Carter is still in love with Hilary Duff
NBC reportedly holds celebs hostage to Jimmy Fallon's show