The story of the film centers on a teen artiste growing up in the '70s who has an affair with her mother's boyfriend.
The coming-of-age story marks the directorial debut of Marielle Heller, who wrote the screenplay. Bel Powley, who is best known for her performances on Broadway and the West End, will co-star, reported the Wrap.
Wiig's most recent film was 'The Secret Life of Walter Mitty' opposite Ben Stiller.
The film will shoot in San Francisco, with Caviar and Cold Iron producing.