P.J. Hogan will direct the romantic comedy
The film will be financed and produced by Foresight Unlimited, the company said in advance of this month's American Film Market.
Hogan, who is no stranger to rom-coms, particularly of the nuptial variety from his work on "Muriel's Wedding" and "My Best Friend's Wedding," will direct from a script by Mark Andrus ("As Good As It Gets").
Douglas will star as a self-centered realtor with an empathy deficiency, who ends up learning to love again after reconnecting with his granddaughter and forming a friendship with a neighbor played by Keaton.
Production will begin in spring 2013. Douglas, who has been battling throat cancer, recently appeared in Steven Soderbergh's "Haywire" and will reunite with the director on his HBO Liberace biopic, "Behind the Candelabra." Keaton recently appeared in the ensemble comedy "Darling Companion" and will next be seen in this fall's "The Big Wedding."
"And So It Goes…" will be Keaton and Douglas' first time sharing the screen together.