Bening and Watts will be the two stars of the film, which will be directed by Rodrigo Garcia.
Several stories overlap in this drama, which mainly follows a woman who gave up her daughter 35 years ago, and an African American who is hoping to adopt.
Kerry Washington and Sharreka Epps will also star in the film.
Mother and Child has a budget of $7 million, and will begin shooting next year in Los Angeles.
We can next see Annette Bening in the films The Villa Golitsyn and Dirty Tricks, although we must wait until 2010.
Naomi Watts will be starring in the film The International, opening on February 17.