The holiday family musical will be directed by McCarthy's husband Ben Falcone and will follow Santa's wife Margie Claus who tries to find her missing husband on Christmas Eve, according to The Hollywood Reporter.
Besides directing, Falcone will co-write the script with Damon Jones and will also produce the musical with McCarthy through their On the Day banner.
McCarthy, 46, was most recently seen in "Ghostbusters" and "The Boss".
"Margie Claus" is set to hit the US theatres on November 15, 2019.