Christina Hendricks -- who starred with Gosling in Drive -- is attached to headline the fantasy noir, which Gosling wrote.
Gosling will produce via his Phantasma banner alongside Marc Platt and Adam Siegel of Marc Platt Productions and Michel Litvak and David Lancaster via Bold Films, which is financing Catch a Monster.
"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.
Catch a Monster weaves elements of fantasy noir with suspense to create a modern fairy tale set against the surreal dreamscape of a vanishing city. Hendricks (Mad Men) would play Billy, a single mother of two who is swept into a macabre underworld, while her teenage son discovers a secret road leading to a underwater town.
"We have a tremendous amount of trust and confidence in Ryan, Christina, Marc and Adam, both personally and professionally," Litvak said. "We responded immediately to Ryan's script and look forward to nurturing the next phase of his career and continuing Bold's commitment to an artistically collaborative environment."
Catch a Monster isn't the only project that Gosling will be attending to in Toronto. Derek Cianfrance's The Place Beyond the Pines, headlining the actor, makes its world premiere at the festival. Bradley Cooper and Eva Mendes also star in the film, which reunites Gosling with his Blue Valentine director.
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