Jordan is best known for directing "The Brave One," "Breakfast on Pluto," "The End of the Affair," "Interview with the Vampire," "Michael Collins" and "The Crying Game." Rea, an Irish actor, frequently appears in Jordan's movies.
Farrell is widely known for his role on the Irish TV series "Ballykissangel," as well as his parts in the films "Minority Report," "Phone Booth," "Alexander" and "In Bruges." He also appeared in the independent film "Intermission," which Jordan produced.
Paramount Vantage said it is handling worldwide sales for the film excluding North America, which will be represented by CAA.
"Ondine" is the story of Syracuse (Farrell), a fisherman whose "everyday life is transformed by a beautiful and mysterious woman (Alicja Bachleda) whom he fishes from the sea and who his young daughter Annie (Alison Barry) believes is a mermaid," Paramount Vantage said.
"We feel we've found the perfect home for the film with Paramount Vantage and I'm pleased to be working with Colin Farrell again who brings tremendous depth to his characters," Jordan said in a statement. "'Ondine' is an insanely romantic love story that exists within the realms of a fantasy world that pushes through the boundaries of the real world."