She will be joining forces once again with Juno director Jason Reitman on the project.
Cody told the cable network "It's a horror movie, and it's also about teenagers ... It's a lot darker [than Juno], and it also has comedic elements. Horror is my favorite genre - and like Juno, I like horror movies."
The film features Megan Fox in her first role since Transformers last summer. Described as a Heathers-type dark comedy, it tells the story of a seemingly-perfect cheerleader whose life is thrown into disarray when she gets possessed by a demon, begins eating boys in her small Minnesota town, then faces off against her best friend and the Satan-worshipping band that made her evil.
Reitman is onboard to produce, but may decide to direct.