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Rex Features
Producer Robert Simonds, who has just finished filming Pink Panther 3 with Martin, will oversee the production for Paramount Pictures.
The pair will play a couple in the movie, according to Variety.
It is hoped that shooting will begin in the autumn if a writer can be found at short notice.
It was reported in March that Paramount had acquired comedy pitch One Big Happy as a vehicle for Keaton and Martin.
They previously co-starred in 1991's Father of the Bride and its sequel.
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