A member of the comedy group The Lonely Island and a writer for Saturday Night Live, Taccone made his debut as a feature film director with the 2010 film MacGruber.
According to The Hollywood Reporter, the movie will be a spoof that focuses on a CIA agent who is framed and becomes an enemy of the state while attending a friend's wedding in Europe.
The agent then enlists the help of his friend and fellow groomsmen as he goes on the run and attempts to clear his name.
Spy Guys is based on a pitch by Adam Sztykiel, writer of Due Date and Made of Honour.
Along with directing the film, Taccone will also produce in conjunction with New Line and his Lonely Island bandmates Akiva Schaffer and Andy Samberg.
Watch a trailer for Jorma Taccone's MacGruber below: