Paramount acquired the rights to the film which is currently nominated for Best Foreign Language Film at the Oscars with Adam McKay, Will Ferrell and Jessica Elbuam producing through Gloria Sanchez productions The Hollywood Reporter noted.
Original writer and director Maren Ade will be executive producing the project alongside original producers Jonas Dornbach and Janine Jackowski.
The film follows a father attempting to reconnect with his hard working daughter by posing as a life coach for her company's CEO. Nicholson would be portraying the father while Wiig would take on the role of the daughter.
The comedy would end Nicholson's apparent retirement from Hollywood, having last appeared in 2010's How Do You Know?. Prior to that, the 79-year-old appeared in 2007's The Bucket List opposite Morgan Freeman.
According to Variety, citing sources, Nicholson who is a big fan of the original, approached Paramount with the idea which then led to the studio securing the film's rights.