Seth Rogen and Will Ferrell are teaming up with Kay Cannon for '79ers'.
The 'Blockers' filmmaker - who made her directorial debut with last year's hilarious comedy - will be at the helm for the upcoming film, which is set to be produced by the two stars under their respective Point Grey and Gary Sanchez banners.
Liongate's Nathan Kahane said: "Kay is wonderful at capturing characters in situational conflict and is the perfect choice for this re-engineered coming-of-age comedy.
"I hope when we are finished with this film it feels like 'Goonies' for adults."
Although the full production credits are yet to be officially confirmed, the studio did announce that Dylan Meyer will be working on the screenplay based on a script originally written by Ben Schwartz.
Kahane - who worked with both Cannon and Rogen on 'Blockers' - added that he immediately fell in love with the script.
He added: "I have loved this script ever since I first read it.
"It has such great roles for a group of actors, as our estranged friends have the wisdom and life experience of 30 year-olds, but the baggage of their teen years that they have to overcome as they reunite for a legendary treasure hunt that has eluded them for decades."
It's not known if Ferrell's former production partner Adam McKay will be involved in the project after the two - who worked together for more than a decade on films such as 'Vice', 'Step Brothers', 'Talladega Nights' and the 'Anchorman' and 'Daddy's Home' franchises - went their separate ways earlier this year.
In a joint statement at the time, the pair said: "The last 13 years could not have been more enjoyable and satisfying for the two of us at Sanchez Productions. We give massive thanks to our incredible staff and executives and all the writers, directors and actors we worked with through the years.
"The two of us will always work together creatively and always be friends. And we recognize we are lucky as hell to end this venture as such."
The announcement states that Gary Sanchez Productions - as well as its sister company Gloria Sanchez, which was set up in 2014 by Jessica Elbaum and focuses on female voices in comedy - will continue with all existing projects through completion and that all current projects will continue to be developed by the attached producers.