The movie will represent the third collaboration between Ferrell and Reilly following 2006’s “Talladega Nights” and 2008’s “Step Brothers.”
The film will be produced by Mosaic and Gary Sanchez. Etan Cohen will direct from his own script about a duo that faces off against enemies from across the globe.
Ferrell’s “Daddy’s Home” grossed $240 million worldwide for Paramount. The comedian worked with Cohen on last year’s “Get Hard,” which earned $100 million worldwide.
Reilly will be next seen in “Kong: Skull Island” and will return as the lead voice actor in Disney’s “Wreck It Ralph” sequel.
Jonathan Kadin is overseeing the project for Columbia; Chris Henchy and Jessica Elbaum are overseeing for Gary Sanchez.
Cohen’s writing credits include “Tropic Thunder,” “Men In Black III” and “Madagascar: Escape 2 Africa.”
Warner Bros. saw solid box office results from its two dramatic “Sherlock Holmes” movies in 2009 and 2011, with Robert Downey Jr. starring as Holmes and Jude Law as Watson. Both grossed over $500 million worldwide.
Sherlock Holmes was created by British author Sir Arthur Conan Doyle in four novels and 56 short stories between 1887 and 1927. Basil Rathbone portrayed the detective in 14 movies between 1939 and 1946.
Ferrell is repped by UTA and Mosaic. Reilley is repped by WME and Framework. Cohen is repped by CAA and Mosaic. The news was first reported by Deadline Hollywood.