Blue Jasmine will centre on a fashionable New York housewife, and chronicles "the final stages of an acute crisis", according to The Hollywood Reporter.
Alec Baldwin, who starred in Allen's most recent film To Rome with Love, is set to headline, with Cate Blanchett on board to play the housewife.
The cast also includes Sally Hawkins, Peter Sarsgaard, Louis CK, and Boardwalk Empire actors Bobby Cannavale and Michael Stuhlbarg.
Allen's recent comedy Midnight in Paris won the Oscar for 'Best Screenplay' last year, and was also nominated for 'Best Picture'.
Watch the trailer for Allen's last film To Rome with Love below: