Pee-wee portrayer Paul Reubens is writing the road picture with actor-writer Paul Rust, whose film credits include "Inglourious Basterds" and "I Love You, Beth Cooper," the entertainment industry trade newspaper said.
Apatow is to produce, but not direct the new Pee-wee movie.
Reubens played the character onstage, in the films "Pee-wee' Big Adventure" and "Big Top Pee-wee," and on the children's television show "Pee-wee's Playhouse," but he stopped appearing as his alter ego after being arrested for indecent exposure in Florida in 1991.
He revived the child-like character with the too-short trousers and high-pitched voice, and starred in "The Pee-wee Herman Show" at the Nokia Theater in Los Angeles in January and February. The show is expected to play for 10 weeks on Broadway, as well, starting Oct. 26, Variety said.
Apatow's films include "The 40-Year-Old Virgin," "Knocked Up," "Pineapple Express" and "Funny People."
He also worked extensively on the television series "Freaks and Geeks" and "Undeclared."