"We are deeply disappointed that our planned top secret project was made public," Ferrell said in a statement to Entertainment Weekly. "Kristen and I have decided it is in the best interest for everyone to forego the project entirely, and we thank Lifetime and all the people who were ready to help us make this film."
The Hollywood Reporter exclusively reported Wednesday that the comedians were slated to star in Lifetime's A Deadly Adoption, a film about a successful couple who takes in a pregnant woman in the hopes that she'll let them keep her baby.
The project was supposed to be a "quasi-parody" of Lifetime's dramas and meant to commemorate the 25th anniversary of the network's original movies franchise.
While insiders claim it is unlikely that Ferrell and Wiig have much control over the film, the timing of the alleged project leak and its cancellation is suspicious given that the news was reported on April Fool's Day.