Latifah, who will also executive-produce the TV movie, will portray M'Lynn, who was played by Sally Field in the 1989 film. Woodard will play Ouiser (Shirley MacLaine) and Rashad will play Clairee (Olympia Dukakis).
Other actresses also signed on to the movie are Jill Scott in the role of Truvy (Dolly Parton), Adepero Oduye as Annelle (Darryl Hannah) and Rashad's daughter, Condola Rashad, as Shelby (Julia Roberts).
Craig Zadan and Neil Meron will produce the TV movie, while Kenny Leon, whose previous credits include ABC's A Raisin In the Sun, will direct. Steel Magnolias is expected to begin production in April, and will air later this year.