Ferrell has signed on to the project which was penned by Mike Rosolio. The screenplay for Reagan was featured in last year's Black List, according to Variety.
The actor, who has already portrayed former President George W. Bush on various comedic occasions, will produce via his banner, Gary Sanchez Productions. There is not yet a director for the upcoming film, but it is reportedly being shopped.
Reagan, set at the end of 1984, will follow the disintegration of the former Commander-In-Chief's mental health and the plight of an ambitious intern tasked with convincing the actor-turned-politician he's playing the President in a movie.
President Ronald Reagan, the 40th President of the United States, died in 2004 after long-experiencing Alzheimer's disease.