Owen and Binoche to play lovers
ComingSoon.net said the pair will play a charismatic English teacher (Clive) and art teacher (Juliette), who end up in an unlikely relationship.
The movie, to be directed by Roxanne filmmaker Fred Schepisi, is set in an elite, isolated New England prep school.
Co-producer Curtis Burch described the film as "an enchanting love story coloured with a sophisticated humour".
He said the two stars were "a perfect fit to create the chemistry between the two leads at the heart of the story".
Clive recently starred with Nicole Kidman in Hemingway And Gellhorn, while French actress Juliette recently featured in Cosmopolis and An Open Heart.
Filming on Words And Pictures is due to begin next year.