The project is an adaptation of the Tony Award-winning play God of Carnage, reports Deadline.
The story follows two sets of parents who meet after their children get into a fight at school. The couples argue and later get involved in each others' lives.
Foster and Winslet will play the wives, and Christoph Waltz and Matt Dillon will play the husbands.
The plot is set in Brooklyn, but filming will take place in France because of Polanski's legal issues. The director cannot enter the US because of allegations against him that he had sex with a minor more than 30 years ago.