The 32-year-old actress, who has penned the script, will however, not star as the film's lead character, reported Entertainment Weekly.
The story is about a young woman's last year spent in Sacramento.
The film will be Gerwig's second directorial effort, following her 2008 romantic drama "Nights and Weekends", which she co-wrote and co-directed with Joe Swanberg.
"Lady Bird" re-teams Gerwig with Scott Rudin, who produced the 2012 drama-comedy "Frances Ha" which she also co-wrote.
The actress will also be seen in the Ethan Hawke and Julianne Moore-starrer "Maggie's Plan", which is set to premiere at next month's Toronto Film Festival.
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