Rue, who starred on the TV sit-com "Less Than Perfect," and Green will produce the film, while T.S. Faull is to write the script.
The announcement was made Wednesday by Bob Weinstein, co-chairman of The Weinstein Co., the studio that owns Dimension.
While the specifics of the storyline are being kept under close wraps, the movie is a high school thriller in the vein of "Ten Little Indians" that involves a teen social networking site.
"Online social networking is a widespread phenomenon that interests me greatly," Weinstein said in a statement. "Combining it with a suspense thriller is a new and fresh way to explore this new trend."
"Social networking is alluring, but one always takes a risk when engaging on these sites," added Faull. "Online identities can be deceptive and the script will center on a social networking situation with truly dangerous consequences. I look forward to working with Dimension and the producers on bringing this story and its teen characters to life on the big screen."