Magic Mike follows the GI Joe: The Rise of Cobra star's entry into the stripping world at the age of 19, Deadline reports.
Tatum made his acting debut at the age of 23 in the series CSI: Miami. The actor pitched the idea to Soderbergh himself and will take on the part of the dance teacher and mentor "Magic Mike".
Soderbergh has compared the film to Saturday Night Fever.
Pettyfer, 21, recently described Los Angeles as a "s**thole" and an "insidious pool".
He was last seen in Beastly, the modern-day take on the Beauty and the Beast fairytale.