Craig, who won rave reviews for his turn as Bond in Casino Royale, has been cast in Flashbacks of a Fool.
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Daniel Craig in his 007 glory
The movie, announced at the Cannes Film Festival, also features British stars Helen McCrory, Olivia Williams and Emilia Fox.
Craig, 39, who is more in demand in Hollywood then ever before, plays a star in his 40s whose allure is starting to fade.
He comes back to Britain for a funeral following the death of his best friend from his childhood in the English seaside.
The experience sparks flashbacks of his younger years, and of a tragedy which forced him to look for a new life in the US.
Filming begins on the movie, directed by Baillie Walsh, later this month in South Africa and London.
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