Director siblings the Farrelly Brothers are behind the new project, about the slapstick antics of Moe and Curly Howard and Larry Fine.
Oscar winner Penn is expected to play Larry, with Carrey and Del Toro taking on the roles of Curly and Moe, respectively, reports Daily Variety.
The project marks 48-year-old Penn's first comedy movie since 1989's We're No Angels.
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