Aldamisa will present the project at Cannes next week and has already begun selling international markets.
Favreau, Karen Gilchrist and Aldamisa co-chairman Sergei Bespalov are producing. Aldamisa is financing along with finance partner Kilburn Media and Mark Manuel.
Favreau is directing from his own script and starring as a man who loses his chef job and starts up a food truck to reclaim his artistic promise and reclaiming his estranged family. Sofia Vergara, John Leguizamo and Bobby Cannavale are also starring.
“Setting a film in the culinary world of Los Angeles offers wonderful opportunities for a character driven comedy”said Favreau.
CAA packaged and arranged financing and will represent the film’s U.S. distribution rights.
Variety first reported on April 25 that Favreau had come on board the project. Favreau has acted in a handful of supporting roles recently but hasn’t helmed a movie since 2011′s “Cowboys & Aliens.”
The deal was negotiated by Jere Hausfater and Philip Elway on behalf of Aldamisa.