Actress Emma Stone attends the 45th AFI Life Achievement Award Gala honoring Diane Keaton, June 8, 2017, at the Dolby Theatre in Hollywood, California. Robyn Beck / AFP (AFP/Robyn Beck)
The film would reunite Stone with Damien Chazelle, who wrote and directed 2016's "La La Land."
Chazelle will write the script and direct the project. The story is said to be set in the 1920s, during the transition from silent films to talkies. Plot details have not yet been revealed but the film will feature both historical and fictional characters.
Olivia Hamilton, Matt Plouffe, Tobey Maguire and Marc Platt will produce.
Chazelle's "La La Land," starring Stone and Ryan Gosling, won six Academy Awards, including one for Best Director and Best Actress. Chazelle teamed up with Gosling again for last year's Neil Armstrong biopic "First Man."
The director is also working on "The Eddy," a Netflix television series about a Paris jazz club owner starring Andre Holland and Amandla Stenberg.
Stone recently starred in Yorgos Lanthimos's "The Favourite," which earned her an Oscar nomination for Best Supporting Actress. She is set to star as Cruella de Vil in Disney's live-action "101 Dalmatians."