The logline for the now untitled project, which will be released by Amazon Studios, is being kept under wraps, as has been the pattern with most of the filmmaker's movies.
Aside from the two popular female celebs, 21-year-old actor Timothée Chalamet, mostly known for his role in Interstellar and Showtime's Homeland, has been confirmed to star in the upcoming Woodly Allen movie.
The latter will feature big stars such as Kate Winslet and Justin Timberlake just to name a couple and is expected to be released in theaters this December.
Stay tuned to The IBang for more details about the mysterious new project as they come out.
Despite his controversial personal life, Allen has had no trouble attracting big-name stars to work with him, including Miley Cyrus, who was featured in Crisis in Six Scenes.
Chalamet is intriguing casting, already starring in Call My By Your Name, which hits cinemas in the U.S. this autumn, and is already generating Academy Awards talk. She produced the Netflix series 13 Reasons Why.
Fanning - the younger sister of fellow actress Dakota Fanning - appeared in Sofia Coppola's "The Beguiled" alongside Kirsten Dunst, Nicole Kidman and Colin Farrell earlier this year.