The film centers on a mysterious stranger with the power to speak with the dead and the script will be written by Keith Bunin, said The Hollywood Reporter.
Cathy Schulman and Bregman are the producers on the project.
Hoffman, 45, made his directorial debut with 2010 drama "Jack Goes Boating".
"The Master", in which he stars with Joaquin Phoenix, is shaping up to be one of the season's awards contenders after its premiere at Toronto International Film Festival.