Variety.com said the stage show is the latest collaboration between Ferrell and writer-director Adam McKay. The pair previously co-wrote "Step Brothers," "Talladega Nights: The Ballad of Ricky Bobby" and "Anchorman: The Legend of Ron Burgundy," which McKay also directed and in which Ferrell starred.
The limited-engagement show is slated to start previews Jan. 20 at the Cort Theater, ahead of a Feb. 1 opening, and run through March 15.
The entertainment industry trade newspaper said the play's writing credits haven't been confirmed yet, but based on their previous projects it seems likely Ferrell and McKay are co-writing the script with McKay to direct the show and Ferrell to star in it.
The two also co-founded the popular comedy Web site Funny Or Die.
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