Lily-Rose Depp will join Portman to take an important role in the film from French director, Rebecca Zlotowski, reported Ace Showbiz.
The film will be in supernatural vein which follows two sisters (Portman and Depp) who appear to possess the ability to communicate with ghosts.
They have a fateful meeting with a French film producer while performing in Paris in the 1930s. The French producer character is inspired by real-life Jewish producer Bernard Natan, a prolific producer of the 1920s and 1930s, who later died at Auschwitz during World War II.
The upcoming film will be based on a script written by Zlotowski and Robin Campillo, who previously wrote the screenplay for "The Returned" ("Les Revenants").
Zlotowski is preparing to shoot the film in September and the film is slated for a May 2016 release in France.