The story, which takes place during a single meal, is about two families forced to decide how far they will go to protect their teenage sons.
Oren Moverman is writing the script, EW.com said.
No casting or start date were reported.
Blanchett won an Oscar for her performance in "The Aviator." She most recently earned rave reviews for her work in Woody Allen's film "Blue Jasmine."
Swim Week Miami Beach 2014 [PHOTOS]