Allison Janney and Kathryn Hahn will join the actor in his directorial debut.
Ben Falcone, Philip Baker Hall and Rohan Chandz will also feature in the comedy.
Bateman will star as a 41-year-old high school dropout named Guy Trilby, who discovers a loophole that allows him to compete in The National Quill Spelling Bee.
He befriends young boy Chaitanya (Chandz) as he rockets towards the finals, and also draws protest from parents and the organisation's director Dr Bernice Deagan (Janney).
Bateman recently returned to the revived Arrested Development. He will next appear in 2013's Identity Thief.
Watch Jason Bateman talking to Digital Spy about body-swap comedy The Change-Up below: