Logan Lerman will also topline the pic, which is penned and helmed by Stephen Chbosky and is based on his 1999 tome.
Project is being produced by Lianne Halfon and Russell Smith via their Mr. Mudd productions banner.
Mr. Mudd’s John Malkovich will exec produce the pic, which is slated to begin lensing this summer.
Pic is a coming of age story about 15-year-old Charlie (Lerman), an endearing and naïve outsider, coping with first love (Watson), the suicide of his best friend and his own mental illness while struggling to find a group of people with whom he belongs.
Lerman is next seen in Summit’s “The Three Musketeers” and recently toplined “Percy Jackson & the Olympians: The Lightning Theif.”
Erik Feig, Summit’s prexy of production, Gillian Boher, VP of production and creative exec Sophie Cassidy are overseeing the project for the outfit.
Chbosky is repped by WME.
Watson is repped by WME and Markham, Froggat and Irwin.
Lerman is repped by CAA.