The Muppets star will play one half of a married couple who make a sex tape, only to find that it has vanished the next morning.
Kate Angelo wrote the script for the project, which was snapped up by Sony and production company Escape Artists last June, says Variety.
Nicholas Stoller, who worked with Segel on Forgetting Sarah Marshall and The Muppets, was previously slated to direct the comedy.
Segel can next be seen starring opposite Susan Sarandon in Jeff, Who Lives at Home, in which he plays a slacker who spends the day with his brother (Ed Helms).
He recently revealed that he won't be returning for a Muppets sequel, saying that he is "ready for a little puppet break".
Watch the Jeff, Who Lives at Home trailer below:
> Jason Segel slams Hollywood egos: 'I'm not going to become a jerk'
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