WarnerMedia announced it picked up the project for the streaming service on Monday.
Directed by Steven Soderbergh and written by Deborah Eisenberg, the film tells the story of a "celebrated author who takes a journey with some old friends to have some fun and heal old wounds," a press release said.
Hedges will play Streep's nephew and Chan will play a literary agent.
"This is the kind of project where you just say, 'Yes, please sign me up,'" Sarah Aubrey, head of original content at HBO Max, said in a statement. "To work with Steven Soderbergh and this all-star cast led by Meryl Streep is thrilling and sets the standard for features at HBO Max."
Production was underway in New York and is scheduled to move to the Queen Mary 2 cruise ship and Britain.
HBO Max is set to launch in 2020.
A show based on the supernatural drama, Practical Magic, was also announced for the service on Monday.