Hugh Jackman was originally attached to the project, according to Deadline. However, scheduling complications with filming Les Misérables and his X-Men sequel The Wolverine arose.
The premise of the film is about a man who is fired from his job at a car dealership and later finds success as an Avon salesman.
Wahlberg is also reportedly in talks to produce as well as star in the movie.
The 40-year-old will be seen this summer in Ted alongside Mila Kunis and Seth MacFarlane.
Wahlberg is currently filming Michael Bay's action film Pain and Gain with Dwayne Johnson and Ed Harris.
He is also tipped to join forces with The Other Guys co-star Will Ferrell in the Thanksgiving-themed comedy 3 Mississippi.
Watch the 'red band' trailer for TED below (contains strong language and adult humour):