Oscar winning actors Morgan Freeman and Diane Keaton are set to co-star together for the first time in the comedy Life Itself.

Based on the novel, Heroic Measures, the film will be directed by Firewall’s Richard Loncraine.

Charlie Peters will write the screenplay of the comedy which will see Keaton play Ruth and Freeman, Alex, a long-married New York couple at the centre of a bidding war when they decide to put their East Village apartment up for sale.

Convinced by Ruth’s niece that they’ll make a small fortune on the sale of their home of over 40-years and that they'll be able to buy somewhere without the obstacle of stairs to climb. However everything doesn’t go to plan.

Speaking about the film Myriad Picture's Kirk D'Amico said: "We are happy to be working with Morgan…and of course the extraordinary Diane Keaton on this clever and timely comedy set in the world of New York real estate and art.

“We know that Richard Loncraine will do a great job directing this insightful script by Charlie Peters."

Clip from Annie Hall for which Diane Keaton won the Best Actress Award in 1977