Josh Hartnett, Naomie Harris, Adam Scott and Rip Torn will star.
Charlie Corwin, David Guy Levy and Clara Markowicz of Original Media are producing alongside Hartnett and Elisa Pugliese of 57th and Irving Productions.
Howard A. Rodman's original script follows a young dotcom entrepreneur in New York who tries to stay afloat as the market starts to fall apart in the weeks leading up to 9/11.
'At it's most basic level, August is a movie about hubris during a time when Americans felt untouchable, and people with a catchy domain name believed they could become millionaires overnight,' states producer Corwin. 'Austin brings an authentic sense of Manhattan realism to the project, and we could not be any happier to be making our fourth film in New York City.'
August is being financed by Patrick Morris' and Pugliese's 57th and Irving Productions, and was packaged by CAA's Micah Green, who is also handling the US rights.
Corwin of Original Media and Pugliese of 57th and Irving Productions negotiated the deal.
ContentFilm's Jamie Carmichael said: 'The combination of a great script, an impressive creative and production team and of course real star value makes August a cracking sale for Cannes next month.'