The pair plan to co-write, produce and star in a new comedy film for TriStar Productions. The two previously collaborated on Bridesmaids, the 2011 hit comedy they co-wrote together.
Details are being kept under wraps, but The Hollywood Reporter reports that Wiig and Mumolo play best friends who "find themselves in over their heads and out of their depths."
"We're very excited to be writing," the duo said in a statement. "We will be going into a cave for months to finish. An actual cave. We found one that's nice and big. We're putting a couch in there."
"Kristen and Annie assured me that the film will be a searing and depressing drama, which is what the world needs right now, so we grabbed it," TriStar chairman Tom Rothman jokes. "Perhaps more to the point, these two supremely talented ladies are always ahead of the comedy curve, and as we at TriStar push for originality, we are lucky as hell to be in business with them. The chance to hopefully make Kristen's first film as a director is the cherry on top."
Wiig is scheduled to star in a number of other upcoming films, including Welcome to Me and Nasty Baby later this year. She will also appear in The Diary of a Teenage Girl and Loomis Fargo in 2015.
Celebrity Couples of 2014 [PHOTOS]