The 55-year-old filmmaker has reportedly jumped on board the forthcoming holiday romance after he agreed to lead the blockbuster based on a script penned by the 59-year-old actress and Bryony Kimmings, according to Deadline.
Details on the plot are being kept tightly under wraps for the time being, but it's believed the feel-good flick will be set in London over the festive season.
Thompson will produce the movie alongside David Livingstone after Universal Pictures acquired the rights, but it's not yet known whether she'll star in the film too.
No actors or actresses have been attached to the flick as of yet but it's thought auditions for the lead roles will kick off later this year as, although there is no current release date for the film, it's thought it'll be ready to hit the big screens in 2019.
Feig's signing to the movie comes just weeks after he admitted that he was keen to make a sequel to 'Ghostbusters 2' because he ''regrets'' the lack of success surrounding his remake of the hugely popular 1984 Ivan Reitman movie in 2016.
The remake most notably swapped the main roles from male to female, and starred the likes of Melissa McCarthy, Kristen Wiig and Kate McKinnon.
He said recently: ''We would love [to make another movie], it's really up to the studio. We had so much fun making that movie.
''The movie's just really built an audience in the two years since it's been out.
''I get contacted every day by people who are such fans of it, and so many women who are inspired by seeing women in science. I will go to my grave so proud of that movie, and so proud of what that cast did in that film.''
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