The new film marks Gyllenhaal's directorial debut. Gyllenhaal will produce with Talia Kleinhendler and Osnat Handelsman-Keren via Pie Films, along with Charlie Dorfman.
The Lost Daughter is based on the Elena Ferrante novel of the same name. The movie centers on Leda (Colman), a college professor who becomes consumed by a young mother (Johnson) and her daughter. Leda begins to unravel as she reflects on her own early motherhood.
"When I finished reading Elena Ferrante's The Lost Daughter, I felt that something secret and true had been said out loud," Gyllenhaal said in a press release. "I immediately thought how much more intense the experience would be in movie theater, with other people around. And I set to work on this adaptation."
"I find that the script has attracted other people interested in exploring these secret truths about motherhood, sexuality, femininity, desire. And I'm thrilled to continue my collaboration with such brave and exciting actors and filmmakers," she added.
Gyllenhaal previously told Entertainment Weekly that her role as Candy, a pornographic movie director, on the HBO series The Deuce inspired her to pursue directing.
"I don't know that I would actually have taken the step and be directing if it weren't for having played Candy," the actress said. "The making of Candy has totally inspired me."
Colman recently starred in The Favourite and plays Queen Elizabeth II on the Netflix series The Crown. Johnson came to fame in the Fifty Shades movies and starred in The Peanut Butter Falcon in 2019.