The "Lone Survivor" star will co-write the screenplay for the as-yet-untitled movie, about a love triangle between Beat Generation writer William S. Burroughs, played by Foster himself, his muse Joan Vollmer, portrayed by Stewart, and an American ex-pat who disrupts their lives.
"Dunkirk" actor Tom Glynn-Carney will take on the role of ex-pat Allerton.
"We meet our star-crossed lovers in New York City, head to the Texas border, roar through Mexico City's underbelly and end up in the Amazon jungle," Foster shares in a statement. "This film is about love, sex and self-discovery in all of its lush, dark and often hilarious complexity."
The project will be adapted from "Naked Lunch" author Burroughs' personal letters and early works.