The actress and actor will play a formerly wealthy mother and son.
Production is to begin next month in Montreal and Paris.
Sony Pictures Classics said Monday it has acquired all distribution rights for the United States, the United Kingdom, Germany, France, Italy, Japan, China and worldwide airlines.
Dewitt wrote the screenplay and Azazel Jacobs will direct the project.
"To work with Sony Pictures Classics is a dream come true for me. They have given us so many beautiful, inspiring films over the years, and the incredible care and expertise with which they release them has always impressed me. As I prepare to embark on production, I am happy and relieved to know that French Exit will ultimately be in their hands," Jacobs said in a press release.
"When I wrote the novel and screenplay I couldn't have imagined a more exciting cast to embody these characters. Sony Classics is a dream distributor consistently delivering smart, quality work. I'm honored to be working with this incredibly talented team," added deWitt.
Pfeiffer's films include Murder on the Orient Express, Ant-Man and Wasp, Dark Shadows, Age of Innocence, The Witches of Eastwick, Batman Returns and Grease 2.
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Hedges has appeared in Lady Bird, Boy Erased, Ben is Back, Manchester by the Sea and Three Billboards.
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