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The movie will revolve around a paternal rivalry between a mild-mannered radio executive and a freewheeling father.
Fox would play the love interest of Franco's character while Rogen will be his 'cigar-chomping' mentor.
The 'Anchorman' star says the script is done and they are expected to do 'a read-through' sometime soon.
The 'Go Beyond' movie is expected to depict the making of 'Beyond the Valley of the Dolls' and the struggle with ratings board.
Jay Martel and Ian Roberts will write a fresh treatment for the shape-shifting man Jonathan Chase in a live-action/animation hybrid remake.
Filmmaker Peter Jackson, 'The Good Wife' actress Julianna Margulies and 'Parks and Recreation' star Amy Poehler were also chosen among the thirty honorees.
The 'Anchorman' actor and the Red Hot Chili Peppers rocker face off each other in a one-on-one drum competition to settle their 'feud' and raise money for charity.
The 'Step Brothers' stars will play two incompetent border guards who find themselves in trouble in Mexico.
The Ron Burgundy of 'Anchorman' film series will play Riggs in the tennis dramedy that centers on the famous 1973 Battle of the Sexes.
The First Lady of the U.S. teaches Ferrell's Stacy and Fallon's Sara about healthy life by exercising and eating healthy food.
In addition to Ferrell-executive produced 'Mission Control', the network gives pilot orders to Dan Mazer's 'Love Is Relative' and Jason Katims' 'Ellen More or Less'.
Will Ferrell, Steve Carell, David Koechner and musical guest One Direction join host Rudd in his monologue, while Wiig and Fred Armisen return in 'Sound of Music Live!' spoof.
The scheduled appearance of Will Ferrell as his 'Anchorman' character has been shelved in light of State Attorney's press conference regarding sexual assault claim against Jameis Winston.
Dressing as his 'Anchorman' character, Ferrell dropped by KXMB-TV in Bismarck to help deliver local reports on Saturday night.
Ferrell's entourage reportedly was asked to leave a radio station after they had a dispute with the radio's host over the pronunciation of the 'Anchorman 2' actor's name.