The 19th century costume drama will be directed by Vera Glagoleva, Deadline reports.
Set in Russia, the film is adapted from the novel by Ivan Turgenev.
Fiennes's character was featured in the new trailer for 23rd Bond instalment Skyfall, released online yesterday.
Fiennes's frequent co-star Liam Neeson revealed last month that he is often mistaken for Fiennes.
Watch the trailer for Ralph Fiennes's recent directorial debut Coriolanus below: