Pettyfer co-starred with Channing Tatum in "Magic Mike," and played the lead in 2011's "I am Number Four," which was a box office disappointment.
As for Wilde, she appeared in the 2011 reboot of "The Three Musketeers," and can be seen in the upcoming "Carrie" remake as nice girl Sue Snell.
"Love" tells the story of an intense relationship between teenagers named David and Jade. The love affair turns dark after David becomes obsessive and goes to extreme measures to be close to the object of his affection.
The roles were originally played by Brooke Shields and Martin Hewitt. The movie helped turn Shields into a star, but the same can't be said for Hewitt.
There's no word on how much the reboot will mirror the original, but it will be interesting to see if the film will launch its new stars into the stratosphere -- as it did for Shields -- or just further into obscurity.
Editor's Note: Gabriella Wilde is British, not Australian. We've updated the text to reflect that.