While there's no word as to who will be directing, the yet-to-be titled comedy is being produced by Judd Apatow (the man behind Knocked Up and 40-Year-Old Virgin) and being written by Etan Cohen (Tropic Thunder).

"Just the idea of Sacha and Will as Sherlock Holmes and Watson makes me laugh." said Columbia Pictures' president Matt Tolmach. "They are two of the funniest and most talented guys on the planet, and having them take on these two iconic characters is frankly hilarious."

Will Ferrell’s opening weekend was semi-good. (Courtesy of New Line Cinema)

It may be No. 1 but Will Ferrell’s latest sports spoof, “Semi-Pro”, also signals the steep decline of its star’s clout at the box office.

Two years ago, “Talledega Nights: The Ballad of Ricky Bobby” earned $47 million in its opening weekend. Last year, “Blades of Glory” came in with $33 million. But “Semi-Pro”, which has received awful reviews, only pulled in $15.3 million in its box-office debut.

In “Semi-Pro”, Ferrell takes on the hardwood as the player/owner of an ABA team vying for entry into the NBA in the 1970’s.

The film beat out last week’s top film, “Vantage Point”, which earned $13 million after opening with a $28-million take. Rounding out the top five were "Spiderwick Chronicles" ($8.8 million), "The Other Boleyn Girl" ($8.3 million) and "Jumper" ($7.6 million).

Next week’s big opening is “10,000 BC”, an epic caveman flick.

Bet on film and reality TV!