Set in 1960s Los Angeles, Freezing People Is Easy tells the true story of television repairman Bob Nelson (Rudd), who tries to pioneer the field of cryogenics by freezing humans, according to Deadline.
The film is inspired by the Robert F. Nelson's memoir We Froze The First Man and an episode of the hour-long radio programme This American Life.
Directed by Errol Morris and penned by Zach Helm, Freezing People Is Easy could start shooting in mid-2012 with the three stars and Christopher Walken, say the reports.
Wiig recently revealed that she is not working on the sequel to Bridesmaids despite Universal's plan to move forward with the project.
However, she is said to be "working on something else" with Bridesmaids co-writer Annie Mumolo.
Watch the trailer of Bridesmaids below: