The 1974 novel follows young engaged couple Fonny and Tish. When Fonny is falsely accused of rape, Tish, who is pregnant with their child, races to find evidence that will prove Fonny's innocence.
Annapurna Pictures will finance and produce the adaptation, along with Jenkins' Pastel and "Moonlight" production company Plan B, according to The Hollywood Reporter.
Production on the film is expected to begin in October.
Jenkins wrote the screenplay for his new film during the same year when he penned "Moonlight", which bagged three Academy Awards, including best supporting actor for Mahershala Ali and best adapted screenplay for Jenkins and Tarell Alvin McCraney.