Based on real events and set for a 2012 theatrical release in association with GK Films, the movie is being produced by George Clooney, Grant Heslov and Affleck.
"'Argo' chronicles the life-or-death covert operation to rescue six Americans, which unfolded behind the scenes of the Iran hostage crisis -- the truth of which was unknown by the public for decades," a synopsis of the movie said.
"On Nov. 4, 1979, as the Iranian revolution reaches its boiling point, militants storm the U.S. embassy in Tehran, taking 52 Americans hostage. But, in the midst of the chaos, six Americans manage to slip away and find refuge in the home of the Canadian ambassador. Knowing it is only a matter of time before the six are found out and likely killed, a CIA 'exfiltration' specialist named Tony Mendez comes up with a risky plan to get them safely out of the country. A plan so incredible, it could only happen in the movies."
Affleck is directing the film from a screenplay by Chris Terrio, based on an excerpt from "Master in Disguise" by Antonio Mendez.
The movie co-stars Alan Arkin, Bryan Cranston and John Goodman. Playing supporting roles are Kerry Bishe, Kyle Chandler, Rory Cochrane, Christopher Denham, Tate Donovan, Clea DuVall, Victor Garber, Zeljko Ivanek, Richard Kind, Scoot McNairy, Chris Messina, Michael Parks and Taylor Schilling.
Future shooting locations will include Washington and Istanbul, Warner Bros. said.