Will Ferrell is set to star in a new comedy based on life in the Shakespeare theatre.

The 47-year-old actor has reportedly signed up to the film after it was bought by Sony, specifically with the 'Anchorman' actor in mind.

According to Variety.com, the film will follow Will's character as he navigates the ''intense'' and ''competitive'' world of the theatre company.

The premise of the movie - which is as yet untitled - was developed by Mosaic before being sold to the production company while 'Dinner for Schmucks' writers David Guion and Michael Handelman are on board to write the script.

The pair have previously worked with Will on the 2007 film 'Blades of Glory'.

Will has a long history with Sony, having worked with them on the hit films, 'Step Brothers' and 'Talladega Nights: The Ballad of Ricky Bobby'.

If the proposed movie goes ahead as planned, the comic actor will have a busy schedule next year.

Will recently confirmed his plans to star in 'Zoolander 2', the follow-up to the hugely successful 2001 film, which starred Ben Stiller and Owen Wilson.

He's also currently filming scenes for the old Hollywood film 'Zeroville' and comedy 'Daddy's Home', both of which are due out in 2015.