Production is set to start in Vancouver in May with Isabel Coixet directing from an adapted screenplay by Nicholas Meyer (The Human Stain).
Lakeshore's Tom Rosenberg and Gary Lucchesi are producing and the company will introduce the project to buyers at Cannes.
The story follows a sophisticated graduate student played by Cruz who gets involved in an affair with her hedonistic professor played by Kingsley. Years after the relationship ends in heartbreak, she returns with a devastating revelation.
Sarsgaard will play Kingsley's son, while Hopper has been cast as Kingsley's friend and Harry, who starred in Coixet's 2003 cancer drama My Life Without Me, will play the wife of Hopper's character.
Lakeshore is currently in production on horror titles Pathology and Midnight Meat Train, and the thriller Untraceable starring Diane Lane and Colin Hanks.