The clip, released Monday, features McBride arriving in Australia where he meets up with Hemsworth who questions whether or not the comedian is really the son of Crocodile Dundee.
The project, titled Dundee: The Son of a Legend Returns Home, has a summer release date.
"Crocodile Dundee is back. Well, actually, he's missing in the Outback. And the only person who might be able to find him is the loudmouthed American son no-one knew he had.This son of a legend is forced to channel his Aussie roots as he embarks on the ultimate adventure in the land down under. It's time to live up to the family name," reads the synopsis.
A previous teaser trailer featured McBride wearing Crocodile Dundee's signature outfit and uttering "That's not a knife, that's a knife."
The original Crocodile Dundee starred Paul Hogan and was released in 1986. The hit film went on to spawn two sequels, Crocodile Dundee II and Crocodile Dundee in Los Angeles.
Hogan, while speaking with People magazine, said that he will be reprising his role in the new project.
"Crocodile Dundee is a film that has stood the test of time," Hogan said. "It was a defining moment in my life and one of my proudest accomplishments. Throughout the past few years, I've been thinking about how to bring Dundee to a new generation. I'm excited to introduce the new Crocodile Dundee to the world and look forward to sharing more news about those involved very soon."