The Lord of the Rings actor will reunite with Wilfred director Randall Einhorn on the comedy, reports Variety.
The film will be based on the true story of a man in his late 20s who discovers that - owing to a medical condition - he never properly went through puberty.
When the final stages are induced, he experiences several weeks of rapid and almost overwhelming physical changes.
Paul Kaplan and Mark Torgove have rewritten Joe Nussbaum's original draft of the script.
"The Late Bloomer is the type of wonderful heartfelt comedy that I like to engage in," said Einhorn in a statement. "Puberty can be difficult at best and has the potential to be extremely comedic in normal circumstances. This true story is anything but a normal circumstance.
"That truth is a new twist on something we all know well and Elijah is just perfect to play the lead role. It is clear to me that Dignity gets my vision for The Late Bloomer and I am delighted to be working with [executive producer] Maggie [Monteith] and her team."
Wood is due to reprise his role in one of the upcoming Hobbit films. He will also star in 1980s thriller remake Maniac and is currently filming Grand Piano alongside John Cusack.
The Late Bloomer is scheduled to begin production in early 2013.
Watch the trailer for Wilfred below: