Iannucci also co-wrote the script with John Finnemore. Iannucci will produce alongside Levantine.
Plot details are being kept under wraps.
Tory Metzger, Levantine’s president of production, will oversee production of the project on behalf of the company.
Iannucci broke onto the Hollywood scene with the Oscar-nominated satire “In the Loop,” but he is best known for creating the hit HBO comedy “Veep,” which earned him several Emmy wins.
Iannucci has now turned his attention back to helming for the big screen, having recently directed “The Death of Stalin,” which earned him strong critical notices. He is currently prepping production on “The Personal History of David Copperfield,” a re-telling of the classic Charles Dickens story. The pic stars Dev Patel in the title role. Variety broke the news on Thursday that Tilda Swinton,