The dark romance revolves around Philip, played by Claflin, a young orphan, who believes his mysterious, beautiful cousin Rachel, played by Weisz, may have been responsible for the murder of his beloved guardian Ambrose, also a cousin of theirs.
As Philip plots his revenge, his feelings become complicated as he falls under Rachel's beguiling spell.
The film will be helmed by Roger Michell, who will also adapt the script, reported Variety.
The book was previously adapted into a 1952 film starring Olivia de Havilland and Richard Burton and directed by Henry Koster.
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