The announcement was made Wednesday by producers Jay Thames and Ed McWilliams.
Executive produced by Richard Linklater, the comedic drama will co-star Danielle Brooks, Christina Rouner and James McCaffrey.
The film tells the story of an imaginative college graduate who volunteers to care for her formidable great aunt, as they both face challenges that threaten their independence, a synopsis said.
"I Dream Too Much' is a wonderful depiction of a young woman's coming of age," said Linklater in a statement. "This is Katie's story and her strong point of view -- one that's underrepresented in cinema."