Robert De Niro and Meryl Streep will act together for the first time in 20 years.
The darkly comic tale is told through the eyes of Hildy Good (Streep), a New York realtor and recovering alcoholic whose life begins to fall apart when she forms a new friendship with Rebecca McCallister.
As Rebecca becomes the subject of town gossip, Hildy rekindles her friendship with old flame Frank Getchell (De Niro) a straight talking Yankee who tries to uncomplicated her life.
The heavyweight actors last worked together in 1996's Marvin Room, though co-starred in the 1978 classic The Deer Hunter and 1984's Falling In Love.
De Niro's Tribeca Productions partner Jane Rosenthal will produce, while Michael Cunningham, the 1999 Pulitzer Prize winner for The Hours, will adapt the novel.
"Ann Leary has an intoxicating voice and created a truly original character in Hildy Good," said Rosenthal, "When I read the book, I was only sorry it ended - but so thrilled that we'll be able to bring it to the screen with Meryl Streep as the irresistible Hildy. It's the perfect project to work on with Michael Cunningham and we are excited to be doing this in partnership with FilmNation, as they were equally passionate about Ann's characters."
Meryl Streep is likely to feature at the Oscars in 2014 for her hugely anticipated movie August: Osage County with Julia Roberts, Juliette Lewis and Ewan McGregor. It takes a look at the lives of the strong-willed women of the Weston family, whose paths have diverged until a family crisis brings them back to the Oklahoma house they grew up in.
Robert De Niro at the Madagascar 3 Premiere
Meryl Streep Should Form a Considerable On-Screen Presence With Robert De Niro