Exclusive is producing and fully financing the project, which finds Cyrus playing a tough, street-smart private investigator who's hired by the FBI to go undercover in the one place they're unable to infiltrate, a college sorority.
Piven will play an FBI agent, while O'Malley will play Cyrus' father. Josh Bowman was previously cast as Cyrus' love interest, and Matthew Settle ("Gossip Girl") will play a professor.
Miley's "momager" Tish Cyrus will also produce, while Jodi Zuckerman-Weiner will exec produce for Cyrus' production company Hope Town Entertainment, along with Rob Cowan.
Piven next stars in Mark Pellington's indie drama "I Melt With You," which will be one of the hottest acquisition titles at Sundance next week. He also plays a key role in Robert Rodriguez's latest "Spy Kids" sequel, and is set to star in the indie "Drift."
Exclusive is currently in production on the Daniel Radcliffe chiller "The Woman in Black," and the company recently announced it has come onboard to co-finance and co-produce George Clooney's political drama "The Ides of March," which starts filming next month.