The duo is collaborating on their project titled "The Favourite", which will be helmed by director Yorgos Lanthimos, reported Deadline.
Gosling, 36, has roped in his "La La Land" co-star Emma Stone along with actresses Rachel Weisz and Olivia Colman to star in the venture.
"The Favourite" is based on a script penned by Deborah Davis and Tony McNamara that explores the secretive personal and political designs of the reign of Queen Anne, the last monarch of the House of Stuarts.
Arcana has teamed up with producers Ceci Dempsey of Scarlet Films and Ed Guiney and Lee Magiday of Element Pictures, together with Film4 and Fox Searchlight.
They have also acquired the rights of Jeff Lemire's acclaimed graphic novel "The Underwater Welder", which they are developing for screen alongside Anonymous Content.
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