The script takes the dialogue between Bottom and Titania, the Queen of the Fairies from A Midsummer Night's Dream, and places it in a modern-day US setting.
The commercial was written by Nick Gill and art directed by Mark Shillum, Bartle Bogle Hegarty's new creative director for Levi's.
The director Noam Murro, who is represented by Independent in the UK, has been strongly linked with the script, which is due to be shot on location in Los Angeles this December.
Murro abandoned a foray into feature-film directing in March this year, when he dropped out of the horror sequel The Ring 2, citing "creative differences". Casting for the commercial has not yet been finalised, and Bartle Bogle Hegarty declined to comment on either the director or the creative team working on the project.
The film is expected to continue the flirtatious tone of Levi's current "anti-fit" campaign. In A Midsummer's Night Dream, Puck paints a magic potion on Titania's eyes, which causes her to fall in love with the donkey-faced Bottom when she wakes up.
It is not the first time a commercial has borrowed from Shakespeare.
In the 90s, a Carling Black Label ad spoofed Hamlet, with an actor juggling Yorick's skull like a football. Last year, an ad for Fuller's London Pride beer used the stirring "Cry God for Harry, England, and St George" speech from Henry V.
It has yet to emerge whether the new spot would advertise the same range of jeans as the "anti-fit" campaign, or a new spring 2005 line.