The project will also feature Bradley Cooper and Haim singer-songwriter Alana Haim. Not much is known about the film’s story beyond its setting, San Fernando Valley.
Anderson frequently collaborated with Philip Seymour Hoffman, the two working on several titles since 1996. These include including Boogie Nights, Hard Eight, Punch-Drunk Love and The Master.
Anderson's most recent film, 2017’s Phantom Thread picked two Oscars for stars Daniel Day-Lewis and Lesley Manville.
Hoffman, who won a Best Actor Oscar award for his role author Truman Capote in Capote, died at 46 in 2014.
In addition to his Oscar-winning role, Hoffman had a string of critically-acclaimed film credits including appearances in The Big Lebowski, Mission Impossible III and The Talented Mr Ripley.
His final role was playing head gamesmaker Plutarch Heavensbee in The Hunger Games trilogy opposite Jennifer Lawrence, Josh Hutcherson and Woody Harrelson.
In his New York Times obituary, Hoffman was described as "perhaps the most ambitious and widely admired American actor of his generation”.
Speaking about Hoffman’s passing in 2017, his long-term partner Mimi O’Donnell told Vogue: “My memories of Phil are overwhelmingly of a sweet and gentle and loving man, which is not to say that he didn’t have a temper, as anyone who knew him well will tell you.
"He was a sensitive person, and he was incapable of masking his anger. He would never sit and stew, or leave an argument unresolved.”
She added: “I wonder whether Phil somehow knew that he was going to die young. He never said those words, but he lived his life as if time was precious. Maybe he just knew what was important to him and where he wanted to invest his love.
“I always felt there was plenty of time, but he never lived that way. I now thank God he made us take those trips. In some ways, our short time together was almost like an entire lifetime.”
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