While We're Young centres on an older couple who start feeling detached from their social circle until they meet a younger pair who give them a new lease of life.
Ben Stiller has committed to playing the husband, while Baumbach and Scott Rudin, producer of The Social Network, are keen on casting Cate Blanchett as his partner, says the Los Angeles Times.
Eisenberg previously starred in The Squid and the Whale, while Stiller played the title role in Baumbach's Greenberg.
The 27-year old actor recently admitted that his Oscar-nominated turn in The Social Network was not his career best, but declined to reveal which film he ranked the highest.
Watch the trailer for The Squid and the Whale below: