Penelope Spheeris will reunite with Paramount Pictures and “Saturday Night Live” producer Lorne Michaels to direct “Black Sheep,” which stars “Saturday Night Live’s” Chris Farley and David Spade.

Sources said the helmer has inked a pay-or-play deal with Paramount for $2.5 million upfront, plus an added bonus based on pic’s performance. She has begun work on a rewrite of “Sheep” with “SNL” scribe Fred Wolf, who did revisions on Farley and Spade’s “Tommy Boy.”

“I’m on this picture because I just love Chris Farley,” Spheeris said. “I’ve followed him through three projects and this is the one that came together for me. I think he and Spade have a great chemistry.”

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