Allen is set to begin shooting in London as early as June, Spain's Mediapro group said.
Banderas will be working for the first time with the US filmmaker, who has already recruited Josh Brolin, Anthony Hopkins, Pinto and Naomi Watts to appear in his next feature, EFE reported.
Mediapro, which produced Allen's "Vicky Cristina Barcelona, " a romantic comedy filmed in Spain that brought Spaniard Penelope Cruz an Oscar as Best Supporting Actress, has a contract to produce three more movies by the New Yorker, starting with the project in London.