Paulson will appear alongside Linda Lavin in the play, which is scheduled to open April 28 at the Samuel J. Friedman Theatre in New York.
Paulson has starred in TV's "Jack & Jill" and "Studio 60 on the Sunset Strip," as well as the Broadway revivals of "The Glass Menagerie" and "Crimes of the Heart."
Lavin has performed regularly on the New York stage for more than four decades and most recently headlined Paul Rudnick's "The New Century." She also starred in the classic TV sit-coms "Barney Miller" and "Alice," winning an Emmy for outstanding lead actress in 1979 for "Alice."
Margulies is the author of "Dinner with Friends," "Brooklyn Boy" and "Sight Unseen."
The limited engagement of "Collected Stories" is to begin previews April 6.
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