Fanning, who made her feature film debut with I Am Sam and has been slowly rising up the ranks ever since with plum roles in Babel, The Curious Case of Benjamin Button, and Somewhere, will start work on the adaptation after the in-development Maleficent wraps, in which she stars opposite Angelina Jolie.
Olive’s Ocean centres on a teen (Fanning) who goes on a summer of soul searching after discovering that a classmate who recently died in a tragic accident had secretly hoped to become her friend.
Donald Rosenfeld, Andreas Roald and Celestia Fox are on board as producers, while Christina Hammonds Reed, a recent Nicholl Fellowship finalist, has been hired to write the adapted screenplay.
The film will be primarily financed through private equity firms. Production is due to start later this year.