The film will be penned by Frederic Raphael -- the writer of Eyes Wide Shut -- and will tell the story of two exes, Matt Heller and Martha Parks, (Cruz) who run into each other on a plane by chance and reminisce about their old relationship. Kruger will play Kirsty Sachs, a television personality who changes the course of Heller and Cruz' relationship.
The male lead has not yet been cast.
"It feels like a minor miracle to finally bring this passion of mine to the screen and to put together this dream cast including the superbly talented Penelope Cruz and Diane Kruger who are the perfect actresses to bring these multi-layered characters to life," said producer Mike Lobell. "Combined with an extraordinary director to help realize Freddie's amazing script, there must be a movie God after all."
Cruz is best known for her roles in Volver and Vicky Cristina Barcelona, for which she won an Oscar in 2009, and Kruger is known for her roles in Inglorious Basterds and Troy.