The film also stars Jeff Bridges, Callum Turner, and Kiersey Clemons, reported Variety.
Marc Webb is directing the project from a script by Allan Loeb.
The story revolves around a recent college graduate, played by Turner, who begins a relationship with his father's mistress, portrayed by Beckinsale.
The project produced by Albert Berger and Ron Yerxa will start shooting in early October.
The title is taken from a 1970 song written by Paul Simon, and performed by Simon and Garfunkel on their "Bridge Over Troubled Water" album.
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