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.
Radio City Christmas Spectacular: Buy One, Get One Free!
The Rockettes® dazzle in brilliant dance numbers and Radio City® shines with the joy of the season.
Follow Santa on his sleigh ride, see ice skaters swirl across the stage, and catch a snowflake or two
in this immersive theatrical experience like no other. And this year, delight in the magic of Santa’s enchanted toy factory! We’re bringing back a fan favorite to Santa’s workshop, with charming ragdolls that come to life.