The actress will play a former student who falls in love with a young man (Badgley) who pays her to forge his essays.
The Paper Store also deals with the couple's relationship with their professor.
Richard Kind (Mad About You, Curb Your Enthusiasm) will also have a supporting role, reports Deadline.
Nicholas Gray has been attached to direct the upcoming movie.
Maslany is best known for playing several clones in BBC America's science fiction programme Orphan Black.
She also recently had a recurring role in Parks and Recreation.