The story takes place in a small Nebraskan town where Murphy's schizophrenic character fools inhabitants into thinking he is man and wife.
Page will play a struggling mother who holds the key to his past and sparks a battle between the personalities.
Michael Lander will direct from a script he co-wrote with Ryan Roy. Barry Mendel will produce and Mandate's head of production Nicole Brown will serve as producer alongside executive producer along with Nathan Kahane.
'We are so excited to be working with this talented group of artists and this incredibly original project,' said Kahane who most recently worked with Page on Juno and will reteam with the Oscar nominated actress on Sam Raimi's Drag Me To Hell.
'I've been blessed in my career to work with some very talented writers and directors on some wonderful projects,' Mendel said. 'I'm knocking wood as I speak, but I believe when all is said and done, Michael Lander, Ryan Roy and Peacock will stand proudly among the better of them.'