The rags-to-riches flick will be based in the real-life story of Miracle Mop inventor Joy Mangano, who will be played by Jennifer Lawrence. The 23-year-old actress discussed the time Russell told her about the project while visiting Live With Kelly and Michael in May.
"He recently texted me at, I think, 4 in the morning, and was like, 'I think I want to make a movie about the woman who invented the [Miracle] Mop. You want to do it?' And I was like, yeah," Lawrence said.
"I could just imagine David looking at somebody mopping and being like, 'Yeah, that's my next screenplay,'" she added.
The script for Joy was re-written by Russell after it was penned by Bridesmaids writer Annie Mumolo.
The acclaimed filmmaker previously directed Lawrence in her Oscar-winning role in 2012's Silver Linings Playbook and in 2013's American Hustle.