Shooting is scheduled to begin in September in Gilroy, California, with Michael Mendelsohn producing and Rob A White making his feature directorial debut.
Tim Robbins, Will Arnett and Cary Elwes also star with a cameo by John C Reilly.
The contemporary story is budgeted at under $10m and takes place against the world of Renaissance Fairs as two rival Medieval shows vie for supremacy.
Black will play the story's narrator Professor Shockworthy, a character in the vein of School Of Rock's Dewey Finn, who tutors a pair of romantically entwined actors in the ways of love and life.
The two leads are out to casting.
'It's funny and it's worldly and it has some insightful things to say about young love,' Mendelsohn, whose Patriot Pictures is producing and financing, said.
Mendelsohn is producing alongside Scott Reed and Ron Singer.
'Jack will be great for this role,' White, who founded the Los
Angeles-based theatre ensemble The Actors' Gang with Tim Robbins, said.
'I met Jack when he was in high school and I was teaching theatre and I knew he was good when he was the only student who dropped my class.'
Mendelsohn also produced the Darfur genocide documentary Sand And Sorrow, which receives its world premiere this week at the International Emerging Talent Film Festival in Monaco.
Kimmel International's Cannes slate includes Charlie Kaufman's directorial debut Synecdoche, New York based on his original screenplay and produced by Spike Jonze, and Tarsem Singh's nuclear terrorism thriller Unthinkable.