Producer Michael London who did Sideways will also be part of the team for this movie.
The Illusionist tells of a magician at the turn of the century who falls in love with a woman who is engaged to a prince. The magician uses his powers to conquer the chateau of Vienna.
Filming will begin in April in Prague.
Following The Illusionist, Giamatti will be filming Paper Man by Kieran and Michelle Mulroney.