Based on Robert Harling's 1987 play of the same name, Steel Magnolias tells the story of a group of women who act as each other's support system through their joy and hardships.
The new cast includes Cosby's Phylicia Rashad, singer Jill Scott, Pariah actress Adepero Oduye and Phylicia's daughter Condola Rashad, reports Deadline.
The reboot is expected to start production in April in Atlanta with plans to premiere on Lifetime later this year.
Latifah will serve as an executive producer, while Kenny Leon will direct the remake penned by Sally Robinson, who based the script on Harling's play and screenplay.
The 1989 film featured Sally Field, Dolly Parton, Shirley MacLaine, Julia Roberts and Olympia Dukakis.
Latifah recently worked with Parton in this year's musical Joyful Noises.
Watch the trailer to the original Steel Magnolias movie below: