Van Zandt, who played Silvio Dante on the show, will produce and supervise the music, as well as serve as an executive producer, for Chase's big-screen directorial debut -- an as-yet-untitled, music-driven, coming-of-age story set in 1960s suburbia.
Van Zandt is also a member of Bruce Springsteen's famed E Street Band.
Chase said actors John Magaro, Jack Huston and Will Brill are to star in the movie, which is to be released by Paramount Vantage.
Principal photography is set to begin this January in New York.
"It's exciting to be working with Brad Grey again, doing my first feature," Chase said in a statement Friday. "I look back with pleasure on our last outing. I am also thrilled to be working with Steven again, especially on this particular subject. It's not just that we both worship the same songs and bands from the era -- it's that he obviously knows so much. About every aspect. He embodies a particular spirit of a particular kind of rock 'n' roll. He actually is that spirit."
"Everyone at Paramount is proud that our studio will be the home of David's first feature," added Paramount Chairman and Chief Executive Officer Brad Grey. "He is a gifted story-teller and a great friend. His talent, along with Steven's, promises something uniquely insightful and entertaining. We are all looking forward to a great picture and I am personally looking forward to working with them both again."