The Wild star played Annette Hargrove in the original 1999 film, and Drop Dead Divas actress Levering is now stepping into the part for TV show, which is being developed by director and writer Roger Kumble.
Levering will star alongside Sarah Michelle Gellar, who played the mischievous Kathryn Merteuil in the original movie.
The TV series will centre on the son of Witherspoon and Ryan Phillippe's characters, who sets out on a quest to learn about his family history after reading his father's journal, according to Variety.com.
The film, based on classic play Les Liaisons dangereuses, also starred Selma Blair and Joshua Jackson.
Cruel Intentions also sparked a real-life love story between Witherspoon and Phillippe, who wed months after the movie came out and had two children. They divorced in 2007.