Murray, who previously starred in Coppola's film Lost in Translation, will play a "larger-than-life playboy" father who reconnects with his daughter (Jones) during an adventure in New York. Production begins in the spring.
On the Rocks is the first project from A24 and Apple since the companies signed a multi-year production deal in November. The Wrap said it is unclear if On the Rocks and other films from A24 will open in theaters or appear solely on Apple devices.
Coppola most recently directed a remake of the 1971 movie The Beguiled, which opened in June 2017. Lost in Translation, starring Murphy and Scarlett Johansson, debuted in 2003 and won an Oscar for Best Original Screenplay.
Murray will also star in Jim Jarmusch's new film The Dead Don't Die and Wes Anderson's movie The French Dispatch. Jones plays the title character on the TBS series Angie Tribeca, and is also known for Parks and Recreation.