Michael Sucsy will direct the 1960s-set musical. Delevingne is in talks to portray Caroline.
A timeline for the film has not been announced. The property was recently named one of the conditionally approved projects eligible for California's TV Film and Television Tax Credit Program.
Delevingne, who has been seen in "Anna Karenina" and "London Fields," started her career as a model for clients including Victoria's Secret and Burberry. She will appear in the upcoming fantasy film "Pan," starring Hugh Jackman.