He may also star in the tentatively titled comedy, reports Deadline.
The film will be based on the true story of Hong Kong billionaire Cecil Chao Sze-Tsung, who offered $65 million (£40 million) to any male suitor who could successfully win the heart of his lesbian daughter and marry her.
Gigi Chao has eloped with her partner to France, where the pair apparently had their union blessed in a Paris church.
She claims to still be on good terms with her father despite his attempts to marry her off.
Cohen's previous project, The Dictator, grossed $175 million (£108 million) worldwide for Paramount Pictures earlier this year.