The film is currently untitled, but Allen is expected to write, produce and direct, reported Variety Online.
Plot details are unknown and the film will likely to go on floors this July.
This will be the first time Allen will be wirking with Phoenix. Allen worked with Stone in the upcoming film 'Magic in the Moonlight'.
Allen's last film, 'Blue Jasmine', landed Cate Blanchett a lead actress Oscar and Sally Hawkins a supporting actress nomination.