Chronicle writer Landis will helm the indie movie about three people in their twenties struggling with their sexual identities in Los Angeles, reports Variety.
Described as "Reality Bites on acid", it will explore sex, love and friendship in "the weirdest, most surreal way possible", according to Landis.
"It's totally insane! The devil is in it," he said of the movie, which is being funded by Big Beach Films.
Landis is currently working on several writing projects including films based on Frankenstein and The Pied Piper, and an unnamed space adventure for Disney.
Fox has reportedly demanded a rewrite of Landis's script for Chronicle 2.