Paramount Pictures announced on Wednesday that Will Ferrell and Mark Wahlberg are set up to team up again for the upcoming paternal-rivalry comedy film "Daddy's Home."

The "Anchorman" actor and "Transformers: Age of Extinction" star previously starred together in the 2010 Adam McKay-directed action comedy movie "The Other Guys," in which they played two mismatched New York City detectives desperate to step up like the top cops that they idolize.

According to the recent press release (via Entertainment Weekly), the duo's latest project will center on a "tug-of-war style conflict" between their characters.

Earlier this year, Deadline revealed the movie's storyline:

"Ferrell plays a mild-mannered radio executive who strives to become the best stepdad to his wife's two children, but complications ensue when their freewheeling and freeloading real father (Wahlberg) arrives, forcing him to compete for the affection of the kids."

Sean Anders ("Horrible Bosses 2," "That's My Boy") is set to direct the script written by Brian Burns ("Entourage"). Anders and McKay, as well as John Morris, Chris Henchy and Etan Cohen all contributed to revisions to the script.

In addition, Red Granite Pictures and Ferrell and McKay's Gary Sanchez Productions will collaborate with Paramount Pictures as the international distributor.  

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

In addition, Ferrell is being favored by Los Angeles Lakers shooting guard Kobe Bryant for a possible movie role in the future, according to TMZ Sports. When asked who should play him in his biopic, the NBA star responded, "Uh... Will Ferrell," adding another comedian/actor Vince Vaughn as his second choice. 

"Daddy's Home" starring Ferrell and Wahlberg is scheduled to start shooting later this year.