The drama, which is currently titled Zelda, is being developed by Howard, who is eyeing it as a potential directing vehicle, reports hollywoodreporter.com.
Lawrence will also serve as one of the producers for the upcoming film.
Zelda was married to author F Scott Fitzgerald who saw her as his indispensable muse and fiercest competitor.
Lawrence was last seen in the superhero film X-Men: Apocalypse earlier this year. She will next share the screen with Chris Pratt in the romantic sci-fi thriller Passengers and star in an untitled new film by Black Swan director Darren Aronofsky.
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