The film will be directed by Max Joseph, who also co-wrote alongside Meaghan Oppenheimer based on a story by Richard Silverman.
The film is described as a coming-of-age drama about a DJ named Cole who, along with friends, is trying to create a track that will be the next big hit. Cole later falls in love with Sophie, the girlfriend of an older DJ who takes Cole under his wings.
It's unclear what roles Efron and Ratajkowski will assume. Filming is slated to begin Aug. 18.