The 50-year-old Metallica drummer chose to pick up the gauntlet after the actor and Red Hot Chili Peppers drummer issued the challenge earlier this week. Ferrell and Smith faced off in their own contest on The Tonight Show in May.
"It was a little lonely on the sidelines during the first drum-off, given the somewhat forced nature of the lookalike element between Chad Smith and Will Ferrell, when I'm TRULY the one carrying that dead-ringer gene around!" Ulrich wrote in a statement to Spin Thursday. "As for any further drum-offs, I'm sure that with a bit of practice, I could give Chad a run for his money."
"But Will? That's a whole different story," he continues. "He rules the 'bad-ass drummer universe.' I mean, you're talking about a guy who's so next level, actually, so beyond next level, that he may just be completely unreachable! That said, I'm definitely up for the challenge... Bring it on!!!"
Smith responded shortly after Ulrich's acceptance and wrote on Facebook, "Two pieces of advice for Lars: Leave the double bass drums as home and load up on cowbells!"
Celebrity Families of 2014 [PHOTOS]