Olsen has been winning raves for her performance in Sean Durkin's drama "Martha Marcy May Marlene." She also stars in Chris Kentis and Laura Lau's creepy "Silent House."
Weaver will play a psychology professor whose study of paranormal activity leads her to investigate a world-renowned psychic (De Niro). Olsen will play one of Weaver's students, which makes sense, since the actress is currently studying psychology at NYU.
Murphy will play Olsen's love interest, though their romantic subplot isn't a large part of the story.
Olsen will take another break from school to shoot the film, which is scheduled to start production in February in both Spain and Canada.
Cortes wrote the "Red Lights" script and will produce with Versus Entertainment's Adrian Guerra.
Barcelona-based Versus Entertainment (Cortes' "Buried") is financing the project along with Parlay Films and Cindy Cowan and Soo Mi Kim's CSe Entertainment, as well as Korea's Blue Storm Prods. Parlay's Lisa Wilson will exec produce with Cowan and Blue Storm's Y.K. Bae.
Olsen is represented by Gersh, though she is currently without a manager.