Smith and Hart are set to star in and co-produce the comedy -- a retelling of John Hughes' 1987 classic, which originally starred Steve Martin and John Candy.
The updated version sees Hart and Smith playing two strangers who don't really get along, but, through a confluence of circumstances and obstacles, are forced to travel together across the country to get home for the holidays.
The film will serve as the feature-film debut for screenwriter Aeysha Carr, who is best known for her work on Brooklyn Nine-Nine and her upcoming Hulu original series, Woke. No director for the film has yet been announced.
Smith's Westbrook Studios is co-producing with Hart's HartBeat Productions, and it will be the first time the pair have starred together in a film.
Smith's most recent big-screen appearance was in Bad Boys for Life, which hit theaters in January, while Hart recently starred in an original series for Quibi, Die Hart,and his film Fatherhood is set to hit theaters in April 2021.