The erotic comedy will be filmed in French and will co-star Louis Garrel, best known in the U.S. for foregoing clothes for much of "The Dreamers."
Filming will start in November in Paris, which will push back the filming of "D.," the Alfred Dreyfus drama that was to have been Polanski's next project. The director said pre-production and screenplay work on "D." will take a few more months.
Polanski and Seigner have previously teamed up for the 1988 thriller "Frantic," the 1994 erotic drama "Bitter Moon" and the 1999 box office bomb "The Ninth Gate."
“I’ve been looking for a chance to make a film in French with Emmanuelle for a long time,” Polanski said in a statement. “Reading 'Venus in Fur,' I realized the moment had arrived."
"Venus in Fur" centers on an actress' sadomasochistic audition for a role in a new play. It was nominated for a Tony Award for Best Play and won a statue for star Nina Arianda.
Polanski is celebrated for such classics as "Rosemary's Baby" and "Chinatown," but his personal life has often overshadowed his professional one. The U.S. government has tried repeatedly to extradite him over charges stemming from his rape of a then-13-year-old girl in the 1970s.
Polanski's most recent film, "Carnage," was an adaptation of Yasmina Reza's Broadway hit, "God of Carnage," but was a disappointment both critically and financially.
"Venus in Fur" will be independently financed and Lionsgate/Summit International will represent the film’s international sales. ICM will represent North American rights.