Variety.com said the movie has begun shooting in Los Angeles with Jonas Pate, the writer and executive producer of the TV series "Surface," at the helm.
The star-studded cast also includes Saffron Burrows, Jack Huston, Griffin Dunne, Robin Williams, Pell James, Robert Loggia, Keke Palmer, Laura Ramsey, Gore Vidal, Dallas Roberts and Mark Webber, the entertainment industry trade paper said.
Spacey will play a therapist who is treating his patients while also dealing with a recent personal tragedy, said Variety.com.
Spacey is best known for his roles in "The Usual Suspects" and "American Beauty." He was most recently seen in the HBO movie "Recount."