Mark Rylance is directing the comedy at The Old Vic, which marks a reunion for Redgrave and Jones, who co-starred in "Driving Miss Daisy" on Broadway and in the West End last year.
"The Old Vic has always been first and foremost an actors' theater, a home for great talent and memorable performances," said Kevin Spacey, artistic director of The Old Vic, in a statement to the BBC.
"We're so proud of where we have gotten to in nine seasons, and, for me, this new season of work shows just how far The Old Vic has come," Spacey said. "What an exciting prospect to see the wonderful Mark Rylance direct supreme actors Vanessa Redgrave and James Earl Jones in 'Much Ado about Nothing.' We are honored that Mark is bringing his unique talent to The Old Vic."