The picture marks Levine's feature directorial debut and is about the breakdown of a couple's marriage.
Veteran U.S. stage, television and film actor Brian Dennehy has also signed up for a role in the movie, which is being shot in New York and co-stars Liev Schreiber, Helen Hunt and Carla Gugino, the entertainment industry trade newspaper said.
Izzard's TV drama "The Riches" was recently canceled but he will soon be seen in the war movie "Valkyrie."
Two-time Tony Award-winner Dennehy's film credits include "First Blood," "Gorky Park," "Cocoon" and "Silverado."
Celebrity Families of 2014 [PHOTOS]