The Twilight star and Divergent actor are set to join forces with the Hollywood veteran for Franny, an indie drama that will find Gere playing a philanthropist and convivial hedonist who finds renewed purpose in life when he meddles in the lives of a young married couple in a bid to relive his past.
According to Deadline, Fanning and James will play the respective newlyweds, Olivia and James.
The film is written newcomer Andrew Renzi, who developed the script at this year's Sundance Screenwriters Lab and will be making his feature directing debut.
The 19-year-old Fanning, of course, wowed moviegoers as a child actress in such flicks as Man on Fire, War of the Worlds and The Secret Life of Bees, and made a successful transition to young adult roles portraying Jane Volturi in The Twilight Saga.
Her most recent film was The Last of Robin Hood, costarring Kevin Kline and Susan Sarandon, about the later years of Errol Flynn, which premiered at the 2013 Toronto Film Festival along with another flick she acted in, the environmental-themed drama Night Moves.
For his part, James made his film debut in Woody Allen's You Will Meet a Tall Dark Stranger and snagged a part in Underworld: Awakening, but is perhaps best known for playing the ill-fated Kemal Pamuk in Downton Abbey. But his star has been on the rise. Not only did he land the lead in CBS' crime drama, Golden Boy, but he's now been cast as Tobias "Four" Eaton in Summit's highly anticipated big screen adaptation of author Veronica Roth's dystopian YA novel Divergent, starring Shailene Woodley.
As for Gere, the 64-year-old screen legend is coming off an Oscar nomination for Arbitrage, but has been in the news this week after reports surfaced that he and wife Carey Lowell were separating after 11 years of marriage.