The True Blood actress will be the female lead in the upcoming project from director Gil Junger and producer Andrew Lazar, reports Deadline.
The production pair were also behind 1999's romantic comedy 10 Things I Hate About You starring Heath Ledger, Julia Stiles and Joseph Gordon-Levitt.
However, the project will not be a sequel to the previous movie, rather a completely new story bearing a similar title.
Set in Los Angeles, the romantic film will follow a young man and woman who meet when they are both about to attempt suicide. They then find reasons to keep living with each other's help.
Production for the comedy will start in the coming weeks in Los Angeles.
Evan Rachel Wood recently married her partner Jamie Bell in a small ceremony in California.
Watch the trailer for 10 Things I Hate About You below: