Vallee will produce the film on an estimated $6.6m-$9.4m (C$7m-C$10m) budget through his C.R.A.Z.Y. Films production shingle, although he is considering co-production options.
Vallee is close to completing The Young Victoria, his follow up to C.R.A.Z.Y., which stars Emily Blunt and Rupert Friend.
Vallee told Screen International he is writing the new script with Karen Walton, the screenwriter behind the 2000 cult horror flick Ginger Snaps. The script will be her first in French. The story follows two wildly different partners in a shoe shop catering to the dancing queen's desire for ever-higher heels.
Vallee is also finishing a second script, Cafe de Flore, a story inspired by the legendary Parisian hang-out. It too will be produced through C.R.A.Z.Y Films. Either way, he says, he will be prepping a film in the New Year.
Vallee was a minority producer on C.R.A.Z.Y., which earned more than $5.6m (C$6m) on release in Canada, and thus benefited from the film's extraordinary success with a performance funding envelope through Telefilm Canada.