The actresses will play lesbian lovers in 1950s New York City in the drama, which is based on Patricia Highsmith's 1952 romance novel, 'The Price of Salt', according to ScreenDaily.com.
The film centres on a young woman in her 20s who works in a department store but dreams of a more exciting life (Wasikowska) and a woman trapped in a loveless marriage (Blanchett) as they embark on a torrid affair.
Oscar-nominated director Todd Haynes - who previously worked with Blanchett on Bob Dylan biopic 'I'm Not There' - will helm the movie.
Producer Elizabeth Karlsen said: ''Todd is without a doubt one of the most talented directors working today. His attachment to direct this script and cast is a dream come true.''
Theatre director Phyllis Nagy wrote the script for the film.
Blanchett recently reprised her role as Galadriel from the 'Lord of the Rings' trilogy in prequel, 'The Hobbit: An Unexpected Journey', and is currently filming George Clooney drama 'The Monuments Men'. She is next set to film Disney's live action adaptation of 'Cinderella', playing the fairytale princess' evil stepmother.
Meanwhile, Wasikowska recently finished filming comedy 'The Double' and drama 'Tracks'.