The project will mark a return to Paramount for Beatty, who directed 1978's "Heaven Can Wait" and 1981's "Reds" for the studio.
"Warren's script is quintessential Beatty, elegantly written and wonderfully entertaining," said Paramount chairman and CEO Brad Grey, who announced the project Monday. "It is our privilege to have one of the great artists in the history of the film industry come home to Paramount."
The film is scheduled to go into production later this year.
– The Hollywood Reporter