Diaz, Sandler for Reitman film
Jason - who directed and wrote Up In The Air, starring George Clooney and Anna Kendrick - will once again direct and write the big-screen adaptation of Chad Kultgen's novel, which focuses on a family as they deal with "sexual awakenings in a digital age".
The "sexual pressures" would affect both the troubled, conflicted high school students and their equally dysfunctional parents.
Production is expected to start in November.
Cameron will next star in Ridley Scott's The Counsellor and is attached to play Miss Hannigan in the Annie remake, while Adam - who was reunited with his Grown Ups co-stars Kevin James, Chris Rock, Salma Hayek and David Spade in the sequel - will reunite with Drew Barrymore in forthcoming romantic comedy, The Familymoon.