Seth Rogen, Evan Goldberg and James Weaver will produce the project under their Point Grey banner, said The Hollywood Reporter.
Jon Hurwitz, Hayden Schlossberg and Chris Fenton will also produce, with Nathan Kahane, Joe Drake and Chris Cowles acting as executive producers.
Cannon's husband Eben Russell, a former staff writer on Last Man Standing, has been tapped for a re-write on the script.
Cannon is a three-time Emmy nominee for Outstanding Writing in a Comedy Series for her work on Tina Fey's "30 Rock". She has worked as a co-executive producer on Fox's "New Girl", and will appear on-screen in the upcoming comedy "How to be Single".