It was reported last week Pine had been eyed for the role and sources now say his deal has closed.
Jason Bateman, Jason Sudeikis and Charlie Day are set to return with Sean Anders on board to direct.
Pine would play half of a father-son duo who steal the main characters’ idea for a new invention.
Brett Ratner and Jay Stern are producing with John Cheng and John Rickard exec producing.
Pine is repped by CAA and John Carrabino Management and can be seen next in Paramount’s “Jack Ryan.”