Titled 'Called Keeping Up With the Joneses', the film will follow a suburban couple who learn that their neighbors are undercover agents, the Hollywood Reporter said.
'Superbad' and 'Paul' director Greg Mottola is set to helm the project.
Hamm recently ended his run on the acclaimed AMC drama 'Mad Men', and will next be seen on the big screen in 'Million Dollar Arm'.
Galifianakis, star of the Hangover movies, recently made headlines when his 'Between Two Ferns' interview with US President Barack Obama went viral.