The actress appeared in a 1974 adaptation of F. Scott Fitzgerald's famous novel opposite Robert Redford, but Farrow admits Francis Ford Coppola's screenplay stuck too closely to the author's original prose.
She is convinced Luhrmann's new version, which stars Leonardo DiCaprio in the title role and features a rap soundtrack, will refresh the classic story.
Farrow tells the Chicago Sun-Times, "I'm a big fan of Baz's... (Previous movies) have been too careful about following the exact language of the original book - including our film. I think that kind of weighed down those movies... (But Luhrmann's) magic... will create something (that is) very much his own thing... (It) will be wonderful."
Farrow played Jay Gatsby's love interest Daisy Buchanan in the 1974 film - a role which has been taken over by Carey Mulligan - and DiCaprio replaces Redford.