Deadline reports that Dobrev has been cast in one of the film's lead roles, a character called Candace.
The Vampire Diaries star will join Logan Lerman, who will portray the titular character and so-called 'wallflower' Charlie, and Harry Potter actress Emma Watson as his love interest, Sam.
Also joining the teen stars is Role Models actor Paul Rudd, who will allegedly play school teacher Bill.
The book's author Stephen Chbosky is both adapting and directing the project, which will be one of Summit Entertainment's first teen-oriented releases following the end of the Twilight film saga next year.
The Perks of Being a Wallflower is due to begin production next month in Pittsburgh.