The actor will join Kirsten Dunst and Katherine Waterson in Adam Rapp's adaptation of his own play, reports Variety.
The film centres around two friends who travel from New York to Amsterdam.
They become embroiled in a love triangle with a prostitute (Dunst) which brings the hidden tensions of their own relationship to the surface.
Mark Ruffalo and Billy Crudup were originally signed on for the project, but were forced to drop out due to a change in the schedule. Foster will replace Ruffalo, with Rapp still searching for someone to take Crudup's place.
Foster will shortly be seen in Peter Berg's Lone Survivor and will star next year as William S Burroughs in Kill Your Darlings.