The film centres on a man's journey to discover his soul while falling in love with a woman who has to flee the country to avoid a killer.
The 86-year-old, who received his Academy Award on Sunday night in recognition of his work as a cinematographer, will direct the £9m movie, One Life Later, with Martin Scorsese as executive producer.
Scorsese was one of many stars to pay tribute to the work of Mr Cardiff - who worked on films such as A Matter of Life and Death, The Red Shoes, The African Queen - at the Oscars ceremony.
Filming is scheduled to start in the summer in Europe with Michael York as star.
The film centres on a man's journey to discover his soul while falling in love with a woman who has to flee the country to avoid a killer.
Mr Cardiff said: "It's a fascinating subject, and I think it will interest a lot of people.
"It's a different type of movie, and the whole idea is to give the audience a bit of fun. I think they will enjoy it."
Cardiff, whose career spans the 20th Century, was described by Marilyn Monroe as "the best in the world".
His previous directing credits include Sons and Lovers, The Long Ships and Young Cassidy.
He added: "One day I will have to stop, but for the moment I'm fit. I'm very lucky."
At the Oscars ceremony, an emotional Mr Cardiff received his award from Dustin Hoffman.
He said: "I must be dreaming - an honour like this for a whole lifetime span has an awesome air to it."