The story follows a group of friends posing as drug dealers in order to retrieve the 'taken' feline.
Peter Atencio, known to direct episodes of the duo's "Key and Peele" TV series, has been hired to helm the film from a script written by Peele and Alex Rubens. Peter Principato, Paul Young and Joel Zadak will executive produce.
Production is expected to start in April
The project is one of several films the pair are involved in, inluding a reboot of the Police Academy franchise and a film version of their popular sketch "Substitute Teacher".
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