Woody Allen is to play an ageing escort in 'Fading Gigolo'.

The acclaimed director - who won the Best Original Screenplay Oscar last month for his work on 'Midnight in Paris' - will star alongside Sofia Vergara and Sharon Stone in the John Turturro-written and directed indie comedy.

John will also star as a gigolo in the movie, which tells the story of two ''cash-strapped best friends'' who go into the escort business and find their local Hasidic Jewish community suspecting them of unusual goings-on, Variety reports.

Sharon and Sofia will play two of the women who pick up the ageing men.

It will be the first time Woody has acted in a film since 'Picking Up the Pieces' 12 years ago.

Production on 'Fading Gigolo' is set to begin in New York City in April, but no planned release date is yet known.

Woody has no other directorial or writing projects coming up, but is currently working on post-production of 'Nero Fiddled', in which he stars alongside Ellen Page, Penelope Cruz and Jesse Eisenberg.