Writer/director Dito Montiel is helming the project, reported Deadline.
The project would reunite Morgan, 47, with the filmmaker, who cast him in 2011 cop drama "The Son of No One".
Robin Schorr, Steve Ponce and Montiel will produce, along with Helms and Mike Falbo, who will produce under their Pacific Electric banner.
Morgan will play Helms' best friend Chris Plork, who is a loyal and devoted confidante and provides a good deal of the humor and charm of the script.
Following a long recovery after a road accident, the Saturday Night Live alum returned to his sketch roots and hosted an episode of SNL in September.
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