Rooney Mara also stars with Todd Haynes directing.
Film is an adaptation of Patricia Highsmith's "The Price of Salt." Phyllis Nagy adapted the screenplay.
Paulson will play Blanchett's ex-lover and current confidante.
Paulson was most recently seen in Fox Searchlight's "12 Years a Slave" and can still be seen on the FX show "American Horror Story: Coven."
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