The "Anchorman: The Legend Continues" star has joined the ensemble cast including Blake Lively, Kristen Stewart and Jesse Eisenberg, reported Deadline.
Carell, 53, who has previously worked with Allen on his 2004 film "Melinda And Melinda," was tapped four days after the news of Willis exiting the film broke.
The schedule and the plot of the project is kept under wraps.
Stewart and Eisenberg were spotted shooting for the film in Santa Monica earlier this week.
The filming will continue in New York and Los Angeles.
No premiere date for movie, which is expected to released sometime next year has been announced yet.
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