The film will follow two lifelong friends whose relationship struggles when one becomes pregnant and the other becomes terminally ill.
Producer Samatha Horley describes the film to Deadline as "Beaches set in a glossy London, it's a real old-fashioned tearjerker".
British director Paul Andrew Williams will be directing the movie, and also co-wrote the script with Morwenna Banks. The film is scheduled to begin production in London this summer.
Producers are still searching for a British actress to be cast opposite Aniston's character.
Jennifer Aniston most recently appeared in a skit on Chelsea Handler's After Lately, and her next feature film release will be Wanderlust, in which she stars alongside Paul Rudd and boyfriend Justin Theroux.
Watch the trailer for Wanderlust below: