The singer and actress has signed on to the production, inspired by the real life story of a female slave in 19th century Georgia, with an added time-travel twist - when she manages to escape, she finds herself in 1973.
The production will mark the directorial debut of Krystin Ver Linden and Palmer will also serve as executive producer.
The "Hustlers" star reveals the project is an opportunity to show a new kind of narrative when it comes to black women on screen.
"So many films that depict this time (slavery era) in our history are rooted in victimization of the black female lead," Palmer tells Variety. "This story is the opposite and that's what attracted me to Krystin's perspective. It tackles the harsh realities of slavery and white supremacy while also offering inspiration and vindication through the story of Alice's journey. I don't want anyone to leave the theater feeling debilitated, I want them to feel empowered."