The project is being developed by screenwriter Noah Baumbach and Scott Rudin.
"The Corrections" centers on an elderly Midwestern couple and their three children. Chris Cooper (Of the Fields, Lately) is in talks to play opposite Wiest in the film.
Wiest, who will soon be seen in Classic Stage Company's The Cherry Orchard when it begins its limited engagement Nov. 9, has been seen on Broadway in Happy Birthday, Wanda June; Solitaire/Double Solitaire; Frankenstein; Othello; Beyond Therapy; In the Summer House; Salome; and All My Sons.