The trio will be featured in lead roles on the miniseries with West portraying Jean Valjean, Oyelowo as Inspector Javert and Collins as Fantine, Variety reported.
Adeel Akhtar and Olivia Colman have also been cast as Monsieur and Madame Thenardier with Ellie Bamber as Cosette, Josh O'Connor as Marius, and Erin Kellyman as Eponine.
The six-part miniseries, which is a co-production between BBC Studios and Lookout Point for BBC Masterpiece, is based on Victor Hugo's classic novel of the same name instead of the well-known musical adaptation.
West and Oyelowo are executive producing along with Davies and Faith Penhale for Lookout Point, Bethan Jones for BBC Studios, Mona Qureshi for BBC One and Rebecca Eaton for Masterpiece.
The project was originally set to to be co-produced by Weinstein TV, however, they were dropped following the release sexual assault allegations against Harvey Weinstein.