Niki Caro ("Whale Rider") directs the dramedy from a script by Alice O'Neil.
Arkin will play a grossly irresponsible father who, in the wake of his wife's death, decides to get his life back on track with the help of his slightly neurotic daughter (Aniston).
The Emmy-winning actress has spoken candidly about her involvement in the project in interviews during the last six months.
Groundswell's Michael London is producing the picture with Brian Koppelman and David Levien.
Production is scheduled to begin next spring.
Arkin recently starred in "City Island" and will soon be seen in Todd Phillips' "Due Date." He just wrapped the indie drama "The Convincer," which co-stars Billy Crudup and Greg Kinnear.
Arkin is represented by ICM and Principal Entertainment.