The untitled comedy will be directed by Paul Feig of "Bridesmaids" fame and will be penned by "Parks and Recreation" staff writer Katie Dippold, reported Access Hollywood.
The film will follow the tense working relationship between a high-strung FBI agent (Bullock) and an unconventional Boston cop (McCarthy) who work together to bring down a Russian mobster.
The cop comedy isn't the only project on McCarthy's list. The Oscar-nominated actress is heading into her third season on CBS' "Mike and Molly" and has just wrapped production on Judd Apatow's "This is 40".
She is currently filming Seth Gordon's "Identity Thief" alongside Jason Bateman and Jon Favreau.
Bullock was last seen on the big screen in "Extremely Loud & Incredibly Close" with Tom Hanks, and recently wrapped upcoming sci-fi thriller "Gravity" with George Clooney.