Tentatively titled "The World's End," the new big-screen comedy will be written by Wright and Pegg, the BBC said.
"The World's End" will be a comedy in the mold of "Shaun of the Dead" and "Hot Fuzz," The Hollywood Reporter said.
"(The) Working Title (production company) have been fantastic to work with and hugely instrumental in bringing the work of myself, Simon, and (producer) Nira Park to the screen," Wright said. "We've had a lot of fun with them so far and it delights me to continue the partnership in the future with new material and bold directions."
Working Title cochairman Eric Fellner described Wright as "one of the most gifted writers and directors in the industry today," the BBC said.