The movie will be the eighth big screen outing for the book, with a 1945 version starring Dennis O'Keefe and 1985's Richard Pryor and John Candy comedy proving the most popular.
McCutcheon's story follows a man who is given $1 million from a rich grandfather and $7 million from a rich uncle. However, the uncle's money will only be given to him on the condition that he spends all his grandfather's money within a year and does not end up with any assets.
Michael Diliberti and Matthew Sullivan, who are friends from John Hopkins University, will pen the script. Sullivan has a background in stand-up comedy, while Diliberti is a former assistant to producer Scott Rudin.