Lange, who has been seen on Broadway in The Glass Menagerie and A Streetcar Named Desire, will play the mother of Mark Wahlberg's character, Axel Freed, a college professor whose gambling addiction takes over his life.
The Paramount remake of the 1974 film will also feature Brie Lawson. Rupert Wyatt will direct from a script by William Monahan.
Lange is an Oscar winner for her work in "Blue Sky" and "Tootsie."