The Jackass star and the Saturday Night Live cast member are on the shortlist to feature in the project, reports The Wrap.
Australian comic Shane Jacobson has also made the list of potential actors to appear in the movie about the famous comedy trio.
Peter and Bobby Farrelly are directing the film from a script they co-wrote with Mike Cerrone.
The movie would be split up into three 27-minute segments featuring physical comedy.
The project has been in development for more than ten years. It was being developed at MGM before Fox picked up the rights.
Sean Penn, Benicio Del Toro and Jim Carrey were previously attached to star as the film's leads in the early stages of the venture's creation.