Jim Rash and Nat Faxon's directorial debut will reunite the stars of 2006's Little Miss Sunshine, reports Variety.
> Steve Carell, Jake Johnson for Warner Bros comedy
The film will centre on a teenage boy who struggles through a season at summer camp while dealing with an inattentive mother (Collette) and a drunk, drug-addled and womanising stepfather (Carell).
The pair join a cast that already includes Allison Janney, Sam Rockwell and AnnaSophia Robb.
Rash and Faxon received the Academy Award for 'Best Adapted Screenplay' for their work on The Descendants at the Oscars ceremony in February.
Their script for The Way, Way Back appeared on the 2010 industry 'Black List' of recommended, unproduced scripts.
Rash and Faxon are also working on a pitch for an untitled action comedy, with Bridesmaids actress and co-writer Kristen Wiig attached to star.
Carell will next be seen with Keira Knightley in Seeking a Friend for the End of the World and with Jim Carrey and Olivia Wilde in The Incredible Burt Wonderstone.
Collette has been linked to a role in Alfred Hitchcock and the Making of Psycho..
Shooting on The Way, Way Back is expected to begin in the summer.