With Banderas and Asier Etxeandia (Velvet) as male protagonists, Almodovar says the film recounts "a series of meetings, some physical, others remembered decades later, of a film director now in his twilight years."
It will encompass "the first loves, the second loves, the mother, mortality, an actor with whom the director worked, the '60s, the '80s, current times, and the emptiness, a sense of incommensurate emptiness, caused by the inability to go on making films."
Also starring Penelope Cruz in a secondary role, Dolor y Gloria, literally pain and glory, turns on "creation, both cinematographic and theatrical, and the difficulty of separating creation from one's own life," Almodovar said.
Audiences may also ask if the film in any way, could mark the 68-year-old Almodovar's goodbye to filmmaking. The film will be his 21st feature in a career stretching back to the 1970s.
But the film could just be a return to his roots, a practice he began with The Flower of My Secret, to portray the evolution of a life somewhat close to his own from the freshness and promise of youth onwards.
Banderas played a key part in Almodovar's early career, appearing in films such as Labyrinth of Passion (1982) and Tie Me Up! Tie Me Down! (1989) before relocating to Hollywood. He re-teamed with Almodovar as a vengeful surgeon in The Skin I Live In (2011).
After her acclaimed supporting role in 1999's All About My Mother Cruz toplined Volver, reckoned one of the best films in the Almodovar canon.
Filming for Dolor y Gloria, begins in July.