The Zanuck Company production will star Robert Duvall and Sissy Spacek.
Oscar winner Aaron Schneider, who shot films including Titanic and Kiss The Girls, will direct and producers will be Richard D. Zanuck, Dean Zanuck and Harrison Zanuck.
The script was written by C. Gaby Mitchell, Schneider and Chris Provenzano.
The dramatic thriller is based on the life of Felix Bush (played by Duvall) a Tennessee recluse who lived in the early 20th century.
K5, run by Bill Stephens, Daniel Baur and Oliver Simon, is pre-selling the project here in Cannes.
The project will start shooting in the US in the autumn.
Dean Zanuck said: 'This is exactly the type of film that The Zanuck Company excels at making. Given the strength of the script, the cast and our director we feel very confident that Get Low will be a remarkable success, both critically and commercially. We are also confident that K5 is the perfect fit for us and were very impressed by their first release, The Visitor.'
K5's Stephens added: 'We are thrilled to be working with The Zanuck Company on Get Low. The film has all the ingredients for an outstanding picture with talented actors, a brilliant script and a solid production team.
'Audiences connect with strong characters and stories with depth and significance. Prospects look good for distributors if the story manages to strike the right chord.'
The deal was negotiated between Dean Zanuck of The Zanuck Company and Bill Stephens, Daniel Baur and Oliver Simon at K5 International.
K5's Cannes slate also includes The Visitor, Ping Pong Playa and Wonderful World.