In the creepy new adaptation, Shields will take on the part of Chris MacNeil, the mother of demonically possessed child Regan, while Chamberlain will play priest Father Merrin.
Ellen Burstyn and Max von Sydow originally starred in those roles in the cult 1973 film.
Playwright John Pielmeier insists the production will scale back on the movie's more gruesome scenes.
He says, "The story of the battle between faith and evil needed no spinning heads or green vomit. The horror should unfold instead on a simple set with an incredible cast (which we absolutely have), and the central conflict between doubting Father Karras and the demon should be a series of debates, in which the young girl possessed is the least of the figures present."
The Exorcist will open at Los Angeles' Geffen Playhouse on July 11.