The untitled film is set to begin shooting in July. Phoenix is the first cast member announced.
Allen's "Magic in the Moonlight" will open on July 25 from Sony Classics. The movie takes place in southern France and stars Eileen Atkins, Colin Firth, Marcia Gay Harden, Hamish Linklater, Simon McBurney, Emma Stone and Jacki Weaver.
Magic in the Moonlight" is the 47th film directed by Allen. He's been nominated for 24 Oscars and won for directing and writing "Annie Hall" and for writing "Midnight in Paris" and "Hannah and Her Sisters."
Cate Blacnhett won a Best Actress Oscar for Allen's "Blue Jasmine," which grossed $95 million worldwide.
Phoenix has been nominated for three Oscars for "The Master," "Walk the Line" and "Gladiator." He starred in Spike Jonze's "Her" and recently completed "Inherent Vice" for Paul Thomas Anderson.
Phoenix is repped by WME and attorney David Weber.
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