By Chris Nashawaty
Updated December 06, 2010 at 09:00 PM EST

Warner Bros. has won a bidding war to produce an untitled political comedy starring Will Ferrell and Zach Galifianakis, sources confirm to EW. It marks the first time that the two box-office funnymen will share the screen together. The story reportedly centers around two rival candidates for the Oval Office and may hit theaters in time to coincide with the 2012 elections. The script is being written by Chris Henchy (Ferrell’s The Other Guys) and Shawn Harwell (HBO’s Eastbound and Down). Jay Roach, who directed Galifianakis in last summer’s Dinner For Schmucks as well as the 2008 made-for-cable election flick Recount, is attached as well. Ferrell, of course, has gone down the Pennsylvania Ave. path before, impersonating President George W. Bush on Saturday Night Live as well as in his one-man Broadway show You’re Welcome America. Galifianakis has less experience on the comedy campaign trail, but his portly, hirsute resemblance to two-term President Ulysses S. Grant seems to make him a natural for the role.