Helms was rumored to be involved in the project earlier in the year, but New Line was still closing in on a director before offers were made to thesps.
“Horrible Bosses” scribes John Francis Daley and Jonathan Goldstein are directing from a script they penned.
The new version of the vacation adventures of the quirky dad and his family will follow Rusty, who now has his own family misadventures on the road.
David Dobkin will produce through his David Dobkin Productions banner.
If Helms’ deal closes, production would aim for a spring start after Helms finishes production on “The Hangover 3” and his stint on “The Office.” In that time, New Line will aim to cut the script down a little in order to bring in to the budget they like.
Harold Ramis directed the 1983 original that was a big hit for Warners. Two more installments followed, “European Vacation” and “Christmas Vacation,” the highest grossing of the series, bringing in more than $70 million on a budget of about $25 million. Warner tried to rejuvenate the series with “Vegas Vacation” in 1997, but that pic underperformed compared to previous installments.
The CAA and Principato-Young repped Helms is also set to film a small role for “We’re the Millers” and “They Came Together.”