Luke Wilson will star with Kate Hudson in “Alex and Emma,” the Rob Reiner-directed drama financed by Franchise Pictures, expected to start shooting this fall.

Wilson, who next stars with Bob Dylan, Penelope Cruz and Jessica Lange in the Larry Charles-directed Intermedia film “Masked & Anonymous,” also has agreed to reprise his role in “Charlie’s Angels 2.” He’ll return as the significant other of Cameron Diaz in the McG-directed Columbia sequel.

“Alex and Emma” is a contemporized adaptation of Dostoevski’s short story “The Gambler.” Wilson plays a hopelessly blocked novelist. A gambler by nature, he takes a loan from his publisher to tide him over and agrees to a bet he hopes will unlock his creative mojo: If he doesn’t meet his deadline, the publisher will own everything he writes for the rest of his life. The writer is assisted by a stenographer-muse (Hudson).

Pic’s being produced by Reiner, Alan Greisman and Todd Black. Latter has been working on the project with Jeremy Leven since the Leven-scripted, Roman Polanski-directed “The Double” dissolved in litigation when star John Travolta walked off the picture. Reiner has been developing it with an eye toward directing for about two years, and Franchise came aboard with the coin and likely will distribute through Warner Bros.

The ICM-repped Wilson, last seen in “The Royal Tenenbaums,” most recently wrapped the Todd Phillips-directed DreamWorks comedy “Old School,” co-starring Will Ferrell and Vince Vaughn. That pic opens Sept. 27.