Conrad is writing the film which is being described as a "full-scale" biopic about the original Saturday Night Live cast member and film star who died in 1982 at the age of 33 from a drug overdose.
It's unclear if the life rights deal includes portrayals of key figures in the actors life like his co-stars Dan Aykroyd and Chevy Chase.
Phillips will produce but hasn't yet committed to directing.
Alexandra Milchan and Bonnie Timmerman will also produce.
There was an attempt at a feature film based on the comedian, with the film Wired, made in 1989, starring Michael Chiklis that was barely noticed after it was released
Casting will be tough here as the '89 pic proved
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