The film was written by Gerald DiPego, whose films include "Phenomenon" and "Message in a Bottle."
Schepisi directed "Roxanne" and "Six Degrees of Separation."
Shooting is to begin in March on the film, which casts Owen as a charismatic English teacher and Binoche as an intensely private art instructor who fall in love.
"When I first read this uniquely romantic screenplay by Gerald DiPego, based on his original concept, I knew I had to acquire it as Latitude Productions' first project, as it is an enchanting love story colored with a sophisticated humor and would be ideal for Fred Schepisi to direct," producer Curtis Burch said in a statement. "It was with Fred's commitment that we were able to attract Clive and Juliette, who are a perfect fit to create the chemistry between the two leads at the heart of the story. I am also very excited to be working alongside Lascaux Films to bring this movie to the screen."