McCarthy is expected to sing in the project, which would mark the first time the star will show off her vocal talents.
McCarthy and Falcone will produce through their On the Day production banner. Falcone will co-write with Jones.
The story begins when Santa Claus goes missing while delivering presents on Christmas Eve. His wife, Margie Claus, must then put together an unlikely rescue team and set off from the North Pole for the first time in decades to rescue Santa and save Christmas.
New Line is setting a Nov. 15, 2019, release for the movie.
McCarthy and Falcone have a strong relationship with New Line that goes back to the duo’s directorial debut on “Tammy.” McCarthy also recently finished shooting “Life of the Party” for New Line, which opens on May 11, 2018. She was last seen in Sony’s reboot of “Ghostbusters” and Universal’s “The Boss.”
McCarthy can be seen next in the Fox Searchlight pic “Can You Ever Forgive Me?” She and Falcone are repped by CAA and MGMT. Jones is co-creator of USA’s “Benched” and is repped by attorney Patti Felker.