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According to Variety, the pair have been tipped to star as mismatched cops in the Adam McKay-helmed project.
Chris Henchy has been slated to write the script but no details of the storyline have been released yet.
McKay is currently directing Ferrell in the Broadway show You're Welcome America: A Final Night With George W. Bush, while Henchy recently penned the upcoming Ferrell film Land Of The Lost and is the co-executive producer of HBO's Entourage alongside Wahlberg.
Studios have reportedly begun bidding on the project, and it is expected to have found a buyer by the end of the week.
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