The classic 1999 movie starring Kevin Spacey will be overseen by Jason Reitman in the latest of his stage re-imaginings.
The Up in the Air director has produced a number of one-night-only stage readings of classic films, which have included the likes of The Breakfast Club, Reservoir Dogs and The Princess Bride in the past.
Breaking Bad's Bryan Cranston and Mad Men's Christina Hendricks will read the roles of Lester and Carolyn Burnham, originally played by Spacey and Annette Bening.
"When I think of those two roles, I think of Bryan Cranston and Christina Hendricks because they know how to balance domestic drama while making it scary and hilarious at the same time," Reitman told Entertainment Weekly.
"There's an intensity and hilarity to both of them. When I think of Christina on Mad Men and Bryan on Breaking Bad, that is the balance of both shows: they deal with extreme drama that can be funny at any moment, and that's really at the heart of American Beauty."
Woody Harrelson will play neighbour Colonel Frank Fitts, with A Dangerous Method's Sarah Gadon playing cheerleader Angela Hayes. Nick Kroll will portray real estate 'king' Buddy Kane.
The cast is rounded off by Adam Driver playing Ricky Fitts, while Arrested Development's Mae Whitman will play Thora Birch's role of Jane Burnham.
American Beauty was written by Alan Ball and directed by Sam Mendes. It won five Academy Awards in 2000.
The film also premiered at the Toronto Film Festival 13 years ago.
Watch the trailer for American Beauty below: