Killam, who also wrote the script, also will star in the ensemble along with his wife, actress Cobie Smulders, SNL's Bobby Moynihan, Paul Brittain, Kumail Nanjiani, Randall Park and Ryan Gaul, said The Hollywood Reporter.
Killam, Kim Leadford, Ash Sarohia and Steve Squillante will produce, while StarStream Media will finance.
The story focuses on a group of eccentric international assassins who become fed up with Gunther, the world's greatest hitman who also happens to be an arrogant show-off, and decide to kill him.
A June start date is being eyed.
MadRiver Pictures will introduce the project to international buyers at the upcoming Cannes film market, with UTA representing North American rights.