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The 49-year-old actress is staying behind the camera for the film, which is currently in pre-production, Variety reports.
It is based on a script by Anne Meredith, who wrote the 2004 domestic drama Cavedweller.
Producer Wendy Finerman said: "I think this is the perfect project for Meg to bring to life. She's poignant and funny and heartfelt."
Ryan will next be seen on screen with rapper 50 Cent in Lives of the Saints, which focuses on the intertwining journeys of Los Angeles residents.
