Ferrell and McKay are the producers of "Step Brothers," "The Other Guys," "Anchorman: The Legend of Ron Burgundy," "Eastbound and Down." They also are the creators of the "Funny or Die" video Web site.
The deal between their production company and Universal was announced Monday by Robert Greenblatt, chairman of NBC Entertainment.
"This development deal with Will and Adam is a major step forward for our studio," Greenblatt said in a statement. "They know how to make people laugh, aren't afraid to take risks, and are among the elite of the entertainment industry's creative leaders."
Ferrell began his career on NBC's "Saturday Night Live" and recently appeared in a multiple-story arc on the network's comedy series "The Office."
McKay directed and wrote Ferrell's films "Anchorman: The Legend of Ron Burgundy," "Talledega Nights," "Step Brothers" and "The Other Guys."
Notable deaths of 2014 [PHOTOS]