Levine will write and direct love story Positive, set in Martha's Vineyard, for Occupant Films. He has also agreed to pen Echelon Vendetta, a spy thriller based on David Stone's novel, for Sony.
"I want to have a lot of the creative freedom that comes from [indie films], but I also don't want to be broke," he said.
The Wackness, a coming-of-age story set in mid-'90s New York, stars Ben Kingsley, Famke Janssen, Josh Peck and Mary-Kate Olsen.
It is released in the UK on August 29.