The production is set to start in March production in South Africa, reported Variety.
Tim Kirkby will direct the script by John Altschuler, Dave Krinsky, and Knoxville.
In the film Knoxville, 45, and his friends have designed and will operate a theme park.
"Action Park" will be the fifth feature film collaboration between Knoxville and Paramount. The most recent was 2013's "Jackass Presents: Bad Grandpa," which was directed by Jeff Tremaine and starred Knoxville. "Bad Grandpa" grossed more than USD 150 million worldwide on a USD 15 million budget.
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