According to The Hollywood Reporter, the two will star in Midnight in Paris alongside Owen Wilson, Marion Cotillard and Rachel McAdams.
The romantic comedy is about a family travelling to the French capital for business. The party includes a young engaged couple forced to confront the illusion that a life different from their own is better.
Paris is part of a three-picture financing deal between Allen's Gravier Productions and Mediapro, the Spain-based company that also funded Allen's Vicky Cristina Barcelona.
The partnership will also finance Allen's next release.