Two of the brightest young stars are aligning, as Deadline reports from Cannes that Dakota Fanning and Elizabeth Olsen are teaming up for “Very Good Girls”, and will be supported by a cast of veteran actors including Peter Sarsgaard, Dustin Hoffman and Sissy Spacek.

To be written and directed by Naomi Foner, Fanning and Olsen will play two teenage girls spending a summer in New York City. After graduating from high school, each girl becomes determined to lose her virginity and complications ensue when they both set their sights on the same charismatic street artist. No word on who might play the street artist though memory of Sarsgaard’s corruption of young Carey Mulligan in 2009′s “An Education” seems to make him an equally fitting charming/repulsive figure here as well.

Olsen is in Cannes promoting her recent Sundance breakout hit “Martha Marcy May Marlene” and recently wrapped Rodrigo Cortes’ sci-fi drama “Red Lights”. She will next co-star opposite Josh Radnor in his “happythankyoumoreplease” follow-up “Liberal Arts”. Fanning took a brief hiatus for the sake of her education but is now back in full force, recently completing the final installment of “The Twilight Saga: Breaking Dawn” and currently filming “The Motel Life” opposite Emile Hirsch and Stephen Dorff. She’ll next head to the deep South for “Mississippi Wild”, a jewelry robbery actioner starring Mickey Rourke and Forest Whitaker.