Russell, the filmmaker behind the Oscar-winning films as "American Hustle" and "Silver Linings Playbook", is directing the film from his own script. It's his first feature since the 2015 release "Joy" starring Jennifer Lawrence, reports variety.com.
The title of the film, as well as plot details, have been kept under wraps.
The film marks Swift's first big screen role since "Cats", the musical adaptation of Andrew Lloyd Webber's long-running stage show.
Pop superstar Taylor Swift made her debut as an actress in the 2010 romantic comedy "Valentine's Day" alongside Jessica Alba, Jessica Biel, Bradley Cooper and Taylor Lautner.
Swift's other film credits include the dystopian drama "The Giver" and a voice role in the animated Dr. Seuss movie "The Lorax".