The story focuses on the relationship between Presley as he returns from military service and meets his young step-brother for the first time.
Robert Boris wrote the script based on David E Stanley and David Gruder ’s book "Conversations with the King: Journals of a Young Apprentice".
David Stanley, Gene Kirkwood and Ross Elliot will produce the film.
Production begins later this year.
The project marks Deschanel's third directed film following 1982's "The Escape Artist" and 1988's "Crusoe". In the 25 years since "Crusoe," Deschanel has helmed episodes of TV shows ranging from "Twin Peaks" to "Bones".
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