The pair teamed up once before for Cameron Crowe's critically maligned "Elizabethtown," with decidedly uneven results.
Matthew Metcalfe and Chris Curling will produce.
Lisa Wilson’s Parlay Films is handling international rights to the film that is set to shoot in Spring 2012. The film will shoot in multiple cities, including London, Mumbai and New York.
After a post-"Spider-Man" career hiatus, Dunst has been re-establishing herself in the industry with a series of roles in independent films such as Lars von Trier’s "Melancholia" and "All Good Things."
Bloom is currently filming Peter Jackson’s "The Hobbit" and has a supporting role in the box-office disappointment "The Three Musketeers."
UTA’s Independent Film Group helped to package the film and structure the financing, and will represent domestic rights with CAA.