The untitled film will centre around the competitive world of a company that specialises in William Shakespeare's classic plays, reported Digital Spy.
'Dinner with Schmucks' and 'Night at the Museum: Secret of the Tomb' writers David Guion and Michael Handelman are working on the script for the Sony Pictures movie.
Ferrell will next be seen with Kevin Hart in 'Get Hard'.
He is currently filming for the James Franco-directed 'Zeroville' adaptation and recently signed on for 'Daddy's Home'.