Seydoux was in contention to play Lisbeth Salander in David Fincher's English-language adaptation of "The Girl With the Dragon Tattoo" but she lost the coveted role to Rooney Mara.
Working with Woody ain't such a bad consolation prize, though.
"Midnight in Paris" follows a family traveling to Paris for business and explores the illusion people have that a life different from their own is better. So basically, Allen believes that the grass isn't always greener on the other side.
The characters include an engaged couple that has their lives transformed over the course of the journey, and a young man who is in love with the City of Light.
The romantic comedy features an impressive ensemble including Oscar winners Adrien Brody, Marion Cotillard and Kathy Bates, plus Owen Wilson, Rachel McAdams, Michael Sheen, Tom Hiddleston, Allison Pill, Elsa Pataky, Nina Arianda, Corey Stoll, Mimi Kennedy and Kurt Fuller, along with France's first lady Carla Bruni-Sarkozy and French comedians Gad Elmaleh and Manu Payet.
Seydoux previously played small roles in "Robin Hood" and "Inglourious Basterds," and Allen will likely employ the actress in a similar supporting capacity.
"Midnight in Paris" is scheduled for release some time next year, probably after the Cannes Film Festival.
Allen's next film, "You Will Meet a Tall Dark Stranger," opens on Sept. 22.