The book, part prose, part black and white illustrations, tells a story of two kids, both deaf, from different time periods, one from 1927, one from 1977, who run away to New York, said The Hollywood Reporter.
Despite the chasm of decades, they are connected by a mystery waiting to be solved.
Selznick, whose book "The Invention of Hugo Cabret" was adapted into the 2011 Martin Scorsese film "Hugo", has written the script for the movie.
Killer Films, which produced Hayne's most recent picture, the lesbian drama "Carol" that stars Cate Blanchett and Rooney Mara, is also producing "Wonderstruck".