Chris Coen and Kelly McCormick produced with Shill, who has also directed episodes of The Sopranos, The Wire, and Deadwood.
Shill's manager Paul Nelson is serving as executive producer with Robbie and Ellen Little.
'Silky Pink is a sly, contemporary look at the dangerous high-stakes games that friends and lovers foolishly dare to play,' Robbie Little said.
'When sex and deception rule the day, the road to disaster is packed with surprising twists and turns, often hilarious, and - at the same time - deadly serious. It'll be an emotional roller coaster ride for the audience.'
Casting is underway in time for an autumn UK shoot.
The LA sales house has also signed a deal with German producers Egoli Tossell to sell two films here at Cannes - Sandra Nettelbeck's Helen with Gillian Anderson and Jeffrey Dean Morgan and documentary Menachem And Fred, from producer Jens Meurer and film-makers Ronit Kertsner and Ofra Tevet about two reunited German-Jewish brothers.