"I am very appreciative to Marc Platt, Adam Siegel and Bold Films for being so supportive and I look forward to making this film with all of them," Gosling said.
How to Catch a Monster revolves around Billy, a single mother of two, who is swept into a dark fantasy underworld when her teenage son discovers a secret road leading to an underwater town. It will mark Gosling's first time writing and directing a feature film.
But audiences are in for a bit of a wait -- principal photography for the film isn't scheduled to begin until the spring of 2013.
However, the popular actor is set to make an appearance at the Toronto Film Festival in September, where he'll be premiering The Place Beyond the Pines, co-starring his girlfriend Eva Mendes and Bradley Cooper.