The project would mark Hawn's return to the big screen after more than a decade, her last feature role having been in the 2002 comedy "The Banger Sisters."
A representative for 20th Century Fox declined to comment.
Paul Feig is producing under his Feigco banner along with Chernin Entertainment. Katie Dippold wrote the script and will serve as an executive producer. 20th Century Fox executive Daria Cercek is overseeing the project.
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The film, which is inspired by Dippold's relationship with her mother, follows a family vacation gone wrong.
Hawn won an Oscar for her supporting performance in 1969's "Cactus Flower" and was nominated again for "Private Benjamin" in 1980. She's represented by CAA and Untitled Entertainment.
The news was first reported on Twitter by Kyle Buchanan of New York Magazine/Vulture.
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