Allen, 80, is writing, directing and producing the untitled movie. The plot details are being kept under wraps, reported Variety.
Letty Aronson and Edward Walson are producing the film.
In her career spanning over two decades Winslet, 40, has never worked with Allen prior to this movie.
The actress has just wrapped production on New Line's "Collateral Beauty" opposite Will Smith and has recently joined the cast of "The Mountain Between Us," which also stars Idris Elba.
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