The film is expected to begin shooting this October in Los Angeles, reported Variety.
The announcement was made at the Berlin film Festival. The project came together on Feb 1 when Teddy Schwartzman of Black Bear Pictures announced he would finance.
Joel and Ethan Coen have written the script for "Suburbicon", which is currently in pre-production.
Joel Silver will produce under his Silver Pictures banner alongside Clooney and Grant Heslov under their Smokehouse Pictures label, and Teddy Schwarzman for Black Bear Pictures. Clooney will direct.
Clooney's directing credits include "Monuments Men", "Leatherheads", "The Ides of March", "Confessions of a Dangerous Mind" and "Good Night and Good Luck".