Owen will play a college professor whose career is not going well. He is disappointed with his students until he meets a talented writing student.
The film is a "psychological roller coaster ride between sex, seduction and emotional manipulation," a synopsis of the film said.
"Nip/Tuck" showrunner Levine also wrote the script, Variety reported Friday.
Notable deaths of 2014 [PHOTOS]
James Wan tapped to direct 'The Conjuring 2'