Anderson will write and direct with Warner Bros. on board to finance and distribute.
Based on the 2009 Thomas Pynchon detective tome, the story is set in 1960s Los Angeles and follows the drug-fueled detective Larry “Doc” Sportello as he investigates the case of a kidnapped girl.
Deadline first broke the news.
After the lengthy process of corralling financing, the project looks closer to getting back on track with this latest casting and is expected to start lensing this summer.
Even after her very public arrest for disorderly conduct, Witherspoon has been busy filling her slate in recent weeks, coming on to star in the Keanu Reeves space pic “Passengers” and the Fox movie “Get Her Off the Pitch.”
On “Three Little Words,” she will reteam with helmer James Mangold. His “Walk the Line” was the last time Phoenix and Witherspoon co-starred together. The film made more than $100 million at the domestic box office and Phoenix was nominated for an Oscar, as was Witherspoon, who took home the statuette for best actress.
Witherspoon is repped by CAA and Management 360.