The psychological thriller will be an adaptation of The Gilded Years, a Karin Tanabe novel built around the true story of a light-skinned woman who passed as white during the 1890s.
Even while she tried to distance herself from classmates, Anita eventually found herself rooming with Louise "Lottie" Taylor, the scion of one of New York's most prominent families.
The movie will show Hemmings fully immersing herself into upper-class NY society, where she's treated as a wealthy white woman.
Zendaya will take on the role of Anita, and will also produce with Reese and Lauren Neustadter under the Hello Sunshine production banner.
She launched her acting career in 2010 through "Shake It Up" and followed that up with "Zapped" before scoring her own series "K.C".
If her brief, scene-stealing appearances in the new Tom Holland-fronted Spider-Man: Homecoming weren't enough of an indicator, Zendaya is very much no longer just one of Disney's multi-hyphenate ingenues. Monica Beletsky (producer for TV's FARGO and PARENTHOOD) will pen the script.