The correct answer is $\boxed{{\text{a}}^2}{{\text{b}}^2} – {\left( {\overrightarrow {\text{a}} \cdot \overrightarrow {\text{b}} } \right)^2}$.
The cross product of two vectors $\overrightarrow {\text{a}}$ and $\overrightarrow {\text{b}}$ is denoted by $\overrightarrow {\text{a}} \times \overrightarrow {\text{b}}$. The magnitude of the cross product is given by the formula
$$\left| {\overrightarrow {\text{a}} \times \overrightarrow {\text{b}} } \right| = \sqrt{{\text{a}}^2{{\text{b}}^2} – {\left( {\overrightarrow {\text{a}} \cdot \overrightarrow {\text{b}} } \right)^2}}$$
Therefore, the square of the magnitude of the cross product is given by
$${\left| {\overrightarrow {\text{a}} \times \overrightarrow {\text{b}} } \right|^2} = {\text{a}}^2{{\text{b}}^2} – {\left( {\overrightarrow {\text{a}} \cdot \overrightarrow {\text{b}} } \right)^2}$$
Option A is incorrect because it does not include the factor of $-1$ in front of the dot product. Option B is incorrect because it does not include the square of the magnitudes of the vectors. Option C is incorrect because it does not include the negative sign in front of the dot product. Option D is incorrect because it includes the dot product instead of the cross product.