The comedy will be a mix of live-action and computer animation.
Walden Media has acquired the film rights to the popular books written by Jan and the late Stan Berenstain.
"I'd like the film to be un-ironic about its family connections but have a wry comedic sensibility that isn't oblivious to the fact that they're bears," Levy said. "The comedy comes from this bear family coexisting in a more recognizably real world."
Levy compared his vision of the film to the tone of Will Ferrell's Elf, which had a sweet, earnest hero who clashed with his cynical surroundings. "I think the movie will be witty but never sarcastic," he says.
The film is being fast-tracked to begin production late next year, to be in theaters late 2011.