The project is set up at John Malkovich's Mr. Mudd Production Company.
The Perks of Being a Wallflower author Stephen Chbosky is going to direct from his own script with Lianne Halfon, Malkovich and Russell Smith.
This is Emma Watson's first feature role apart from her work as Hermione Granger in Warner Bros.' eight Harry Potter films.
The Perks of Being a Wallflower was published in 1999. It is narrated by a shy and unpopular teenager who talks about "his life by writing a series of letters to an anonymous person and explores the awkward times of adolescence, including drug use and sexuality."