The "Austin Powers" star will play the improvisational comedian in Del, which will be directed by Betty Thomas. The screenplay has been written by Nick Torokvei, according to The Hollywood Reporter.
Del will focus on Myers' relationship with a young comedian he mentors in the movie.
"Mike Myers is a comedy genius and the perfect actor to inhabit this complicated, funny, poignant character," producer and Covert Media CEO Paul Hanson said.
"A pioneer of his craft, Close has passed his knowledge of humour and improv to the group of comedians that everyone knows today and this hilarious script examines that intimate relationship with his students that has made them so successful."