The duo, who were nominated for an Academy Award for Best Original Screenplay for the 2011 film, have signed on to star and co-write "Barb and Star Go to Vista Del Mar".
Directed by Josh Greenbaum, the movie will tell the story of Barb, to be played by Wiig, and her best friend Star (Mumolo), who leave their small town for the first time to go on holiday in Vista Del Mar in Florida, where they quickly find themselves embroiled in an adventure.
"I'm so excited to be a part of this movie which showcases Kristen and Annie's original, fresh and undeniably hilarious voice in spades," said Greenbaum, known for directing episodes of "New Girl" and "Fresh Off the Boat", in a statement. "I'm also always looking for projects with titles that rhyme, so it really all worked out on this one."
In addition, Wiig and Mumolo will serve as producers, working alongside Jessica Elbaum, Will Ferrell and Adam McKay of Gloria Sanchez Productions, a female-focused production company.
Wiig will next be seen onscreen in "Where'd You Go, Bernadette" and as Barbara Minerva / Cheetah in "Wonder Woman 1984", while Mumolo penned the story for 2015 Jennifer Lawrence feature Joy and most recently acted in TV movie "Amy's Brother".
"Barb and Star Go to Vista Del Mar" is set to hit cinemas sometime in 2020.