Collette shot to fame playing the title role in the 1994 Australian film, which won her a Golden Globe Award nomination, while Hogan has gone on to direct films including 1997's My Best Friend's Wedding and most recently Confessions of a Shopaholic, starring Isla Fisher.
The pair will now reunite for another comedy, Mental, which will see Collette play an outrageous nanny in a script written by Hogan and loosely based on his own life experiences.
He tells Variety, "Like Muriel's Wedding, Mental is a comedy, but a comedy based on reality, laced with pain and brimming with flawed but lovable characters. Shaz (the lead character) was hilarious, outrageous, dangerous, courageous, inspiring, heartbreaking and totally, totally mad. And she changed my life."
Filming will begin in Australia in January 2011.