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The film is an adaptation of a 1920s novel by Collette that centres on the son of a wealthy courtesan who is forced to give up a six-year relationship with an older woman.
The project will reunite the team behind 1988's Dangerous Liaisons, with Frears directing Pfeiffer from Christopher Hampton's screenplay.
Theatre producer and former Coronation Street actor Bill Kenwright will produce, with Miramax and Pathe handling distribution in North America and Europe after beating off competition from several other studios.
Filming will begin in April with shooting locations in Paris and London.
Pfeiffer was last seen in 2007's Stardust and Hairspray.
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