Dubuque, who wrote the couple's production "The Judge", will co-pen the script with them, reported Variety.
The comedic drama is set in the high-stakes backdrop of three presidential debates, where millions of dollars and months of campaigning come down to 270 minutes of highly scrutinised political theatre.
The original idea was hatched by the Hollywood couple's production company, Team Downey, and Dubuque. No actors or director are currently attached to the project.