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.
Zadan and Meron are currently at work on the upcoming NBC live broadcast of Peter Pan, which will star Allison Williams and Christopher Walken.
Holed up in a seedy motel on the edge of the Mojave Desert, two former lovers unpack the deep secrets and dark desires of their tangled relationship, passionately tearing each other apart. Led by director Daniel Aukin (Back Back Back at MTC, 4,000 Miles), Tony winner Nina Arianda (Venus in Fur at MTC, Born Yesterday) and Sam Rockwell (A Behanding in Spokane, The Way Way Back) bring an explosive intensity to Sam Shepard’s (Buried Child, True West) landmark myth of the new Wild West.