Based on a true story, "Imagine" finds Pacino playing an aging musician who is prompted by an old letter from John Lennon to give up his rockstar lifestyle and reconnect with the son (Bobby Cannavale) he has never met.
Peck is making a deal to play a hotel valet who Pacino encourages to go after the girl of his dreams.
Denise DiNovi, who produced the Fogelman-scripted comedy "Crazy, Stupid, Love," is producing with Jessie Nelson ("I Am Sam") and Nimitt Mankad. Shivani Rawat will executive produce the film, which is designed to appeal to older audiences.
Mankad and Rawat's Inimitable Pictures is independently financing "Imagine" through a film fund backed by 5-Hour Energy founder Manoj Bhargava. Production will begin in the coming weeks in Los Angeles.
WME Global is repping U.S. rights, while Mister Smith Entertainment is handling foreign sales.
Peck has grown up since his breakout role on the hit Nickelodeon series "Drake & Josh." In addition to voicing one of the animated leads in the "Ice Age" series, he starred in Jonathan Levine's "The Wackness" and recently played Chris Hemsworth's brother in "Red Dawn." Peck will soon be seen in James Franco's "Bukowski" and the dance movie "Battle of the Year" with Josh Holloway and Chris Brown. He's repped by UTA.