The actress will join Penelope Cruz, Alec Baldwin and a fellow Allen newcomer, The Social Network's Jessie Eisenberg, Variety reports.
Allen will be directing the film from his own screenplay, the details of which are undisclosed.
He has previously said that shooting in Rome will allow him to declare his love for the city on screen.
The legendary director's recent films have all been shot in Europe, with three set in London alone.
Cruz and Baldwin last acted with Allen in Vicky Cristina Barcelona and Alice respectively.