Susan Sarandon, Danny DeVito and Jenna Fischer are in talks to co-star.
Brian Koppelman and David Levien are directing a script written by Koppelman. Production begins in November in New York.
Douglas plays a former owner of a car dealership chain whose career and marriage were destroyed by his business and romantic indiscretions.
Paul Schiff and Steven Soderbergh are producing. Avi Lerner, Danny Dimbort, Trevor Short, Moshe Diamant and Joe Gatta are exec producers.
Koppelman and Levien previously directed “Knockaround Guys” and the 2005 TV series “Tilt.”
Koppelman and Levien wrote Soderbergh’s next film, “The Girlfriend Experience.”
Douglas will topline a Liberace film that Soderbergh is developing to direct at Warner Bros. with script by Richard LaGravanese.
Coming off the release of “Righteous Kill,” Millennium recently wrapped “Brooklyn’s Finest” and is about to begin production on the Tim Blake Nelson-directed “Leaves of Grass,” with Edward Norton, Sarandon, Keri Russell and Richard Dreyfuss.