Bruce Willis, Edward Norton, Bill Murray, Frances McDormand and Tilda Swinton are all in talks to star in the project, according to Deadline.
The movie - written by Anderson and Roman Coppola - tells the story of two young adults who run away from home in '60s New England.
Willis and Norton are apparently being lined up to play the town sheriff and scout master respectively, both of whom lead the charge to find the missing lovers. Murray and McDormand are wanted to play the parents of the runaway girl.
Indian Paintbrush is said to be in negotiations to finance the picture, which begins filming late next spring.