The movie will be "a music-driven coming-of-age story set in suburbia in the 60's," Paramount Pictures' Chairman and Chief Executive Officer Brad Grey and President of Paramount Film Group Adam Goodman announced Tuesday.
Chase, who wrote the film's original script, is also to produce alongside Oscar-winning producer Mark Johnson.
"David Chase is one of our generation's great story-tellers," Grey said in a statement. "Our long friendship, and the experience of producing 'The Sopranos' with him, remain among the great joys of my career. I'm delighted we at Paramount will now continue the collaboration producing pictures together. We look forward to this wonderful film and many more to come."
"David is in a class by himself. His creativity and talent is unparalleled, and we are thrilled and excited to be working with him on this great movie," added Goodman.
No start date or casting was mentioned for the project.