The actor was in the middle of opening the show on Saturday, November 23 when he recognised the famous face in the studio crowd.
"I didn't know you were going to be here," Will said, while trying to keep his cool.
Will was visibly flustered when he realised the famous couple were a part of his fanbase.
Eventually, Reynolds asked Ferrell to pretend he wasn't in the audience. "Will, you gotta stop looking at me, okay?" Ryan then laughed, "It's a little too much."
He then reappeared later, clad in a collared shirt, puffy vest and sunglasses, as a guy who "knows the owner" on Weekend Update to deliver some Thanksgiving dating tips with "a guy who just bought a boat," cast member Alex Moffat.
Will and Ryan are reportedly set to meet once again quite soon, as they're both set to star together in an upcoming musical remake of Charles Dickens' festive classic, "A Christmas Carol", for Apple TV+.
Production details for the project have yet to be confirmed.