The City Lights, M.E.G.A. Films and Blue Star Pictures production is in the $3.5m-4m range and will go before the cameras shortly.
The story centres on a friendship between a prematurely bald 13-year-old and his school janitor. Spencer Breslin, Nikki Blonsky and Fred Willard round out the key cast.
Gooding Jr will produce and Morris Levy and Jeff Mazola will serve as executive producers. City Lights holds domestic rights.
Danielak also announced that he has hired vice president of sales Arianne Fraser, formerly of First Look International. Fraser will join Danielak and the Arsenal team at Cannes next month.