The Pianist director has chosen wife Emmanuelle Seigner to play the lead role in the comedy, about the power plays between a stage director and an actress.
Polanski told The Wrap of the upcoming project: "I've been looking for a chance to make a film in French with Emmanuelle for a long time. Reading Venus in Fur I realised the moment had arrived."
The couple last collaborated on the 1999 film The Ninth Gate, which starred actor Johnny Depp.
Venus in Fur begins production in Paris this November.
Polanski is also in the midst of pre-production for the historical drama D.
Watch a trailer for Polanski's last film Carnage, also based on an award-winning stage play, below: