Alan Arkin, Diane Keaton, Theo James in Talks for ‘The Most Wonderful Time’ (Exclusive)

Annette Bening and Amanda Seyfried are also in negotiations to join the cast of Relativity’s holiday comedy

Oscar winners Alan Arkin and Diane Keaton, four-time Oscar nominee Annette Bening and young stars Amanda Seyfried and Theo James are all in various stages of negotiations to star in Relativity’s heartwarming holiday comedy “The Most Wonderful Time,” an individual familiar with the project has told TheWrap.

Jessie Nelson (“I Am Sam”) is directing from a script by Steven Rogers (“Stepmom”).

Relativity CEO Ryan Kavanaugh is producing with Nelson and Imagine’s Brian Grazer, Ron Howard and Kim Roth. Relativity’s Tucker Tooley will executive produce with Ron Burkle, Jason Colbeck and Rogers.

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Keaton and Arkin play Charlotte and Sam, a long-married couple who have been growing apart for decades and decide to host one last Christmas celebration before revealing to their family that they’re separating. Their grown children come home for the holidays with their own relationship issues and personality quirks, completely oblivious to their parents’ turmoil. As the entire family shares memories and creates chaos that includes a shocking episode at dinner, Charlotte and Sam begin to question their decision.

“The Most Wonderful Time” does not have a release date yet but Relativity is committed to making the movie in 2014.

Several cast members have been linked to the film over the course of development — though it’s a fresh project for James, the up-and-coming star of “Divergent” and Andrew Renzi’s indie movie “Franny,” which stars Richard Gere.

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Arkin next stars in WB’s “Grudge Match” and Disney’s “Million Dollar Arm,” while Bening has Dan Fogelman’s “Imagine” and Michel Hazanavicius’ “The Search” on the horizon. Seyfried is also in high demand, with Seth MacFarlane’s comedy “A Million Ways to Die in the West,” Noah Baumbach’s “While We’re Young” and the Russell Crowe movie “Fathers and Daughters” coming soon.

WME represents Keaton and James, while CAA reps Bening. Arkin is repped by ICM Partners and Principal Ent-NY, while Innovative Artists represents Seyfried.