Keira Knightley will play Cordelia, the youngest daughter of the King, who will be portrayed by Sir Anthony Hopkins.
Gwyneth Paltrow is said to take the role of Regan, Lear's treacherous middle daughter. His eldest daughter, Goneril, is yet to be cast.
The $35 million film was announced at the Cannes Film Festival and will feature epic battle sequences, according to its makers.
No production date has been set.