Comedian Will Ferrell and "Transformers: Age of Extinction" star Mark Wahlberg are re-teaming to co-star in "Daddy's Home."

"Daddy's Home," from Paramount and Red Granite Pictures, will be directed by Sean Anders. Anders also led the direction of "Horrible Bosses 2" and "That's My Boy."

Ferrell, 48, will play a mild-mannered radio executive that is trying to learn the ropes of being a stepdad to his wife's two children when their freeloading biological father, played by 43-year-old Wahlberg, shows up unannounced. Conflict ensues when the two men begin to butt heads while competing for the affections of the kids.

Red Granite will co-finance the film and Paramount will handle worldwide distribution of "Daddy's Home" after production.

"Will and Mark are the absolute perfect on-screen duo to take on this hilarious project. With Anders at the helm, and our partners Red Granite on-board, we are thrilled this movie is getting underway," President of Paramount Film Group, Adam Goodman, said in a statement to Entertainment Weekly.

The duo were topliners together in "The Other Guys" back in 2010, where they played a pair of incompatible NYPD detectives, which was directed by Ferrell's collaborator, Adam McKay.

The film's script was written by "Entourage" writer Brian Burns and revised by McKay, Anders, John Morris, Chris Henchy and Etan Cohen.

Under their Gary Sanchez Productions company, Ferrell, McKay and Henchy will all produce the movie. Executive producers include Joey McFarland, Riza Azis and David Koplan from Red Granite as well as Anders, Diana Pokorny and Gary Sanchez' Kevin Messick and Jessica Elbaum.

Red Granite is also the production company behind "Horns," the supernatural thriller starring Daniel Radcliffe which premiered last week and the upcoming comedy sequel "Dumb and Dumber To," by Farrelly brothers Bobby and Peter scheduled for release Nov. 14 by Universal Pictures.