The two nonagenarians will play roommates and team up with former M*A*S*H star Sally Kellerman, Paul Sorvino and filmmaker Ron Howard's father Rance in Night Club, the first film by realtor-turned-moviemaker Larry Delrose's Italian American Films group.
The star-studded movie will also feature American Pie actress Natasha Lyonne and Clint Eastwood's Gran Turino neighbour Ahney Her.
The picture will close the upcoming Phoenix Film Festival in Arizona next month (07Apr11).
Delrose tells WENN, ""The film presents the idea that one is never too young or too old to find inspiration and meaning in life.
""It is a unique saga about three USC (University of Southern California) students who get a job on the night shift at a nursing home. With the help of one of the home's residents, they improve things there in a very unusual way... There is music and lots of hugging and Italian singing!""
Through his new production company, Delrose hopes to make movies that portray Italian-Americans in a good light following decades of movies about the Mafia.
Rooney has hit the headlines recently after accusing his stepson Christopher Aber of elder abuse.
On Friday (25Mar11), a judge ruled the movie veteran's legal and financial affairs will remain under the permanent control of his lawyer, Michael Augustine, who was appointed temporary conservator in February (11) after the Oscar-winner filed court papers claiming his stepson had been trying to convince him to sign over control of his assets.
The 90 year old alleged he feared for his safety and in a sworn declaration to the court, Augustine claimed he had found $400,000 (£250,000) missing from one of the star's bank accounts. A judge granted his request for a restraining order against Aber and his wife.
The restraining order against the Abers has not been extended, but the couple has reportedly agreed to stay away from Rooney.