Baumbach will write and direct the project, who's plot details are still under wraps, reported Variety.
The project will be backed by streaming giant Netflix, which will also handle the distribution.
This will be second collaboration between Netflix and Baumbach, after the "The Meyerowitz Stories", which has received positive reviews from the critics.
"The Meyerowitz Stories" starring Dustin Hoffman, Adam Sandler and Ben Stiller, was released in select theatres and on Netflix recently.
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