The one-off film, currently called HACKS, is described as a "satirical swipe" at the recent scandal.
The comedy is set at a fictional newspaper and follows a group of journalists desperate to get good stories "by any means necessary". However, things are about to go wrong.
The special has been written by Guy Jenkin, who has previously worked on Outnumbered, Drop The Dead Donkey and Spitting Image.
Jenkin joked that he wants the project, currently at the script stage, to be "faster and funnier than all the enquiries so far".
Channel 4's head of comedy Shane Allen said: "We are very excited about HACKS, and it's great that Channel 4 can be so quick off the mark to shine a satirical light on what's been happening in the media over the last few months."
HACKS is expected to air on Channel 4 in the winter.
Earlier this week, it emerged that Calum Best is the latest star to sue the News of the World over phone hacking allegations.
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