The film will chart the experiences of Chewbacca actor Peter Mayhew during the filming of the classic sci-fi trilogy, according to The Hollywood Reporter.
Inferno Entertainment and Newman have acquired Evan Susser and Van Robichaux's Black List script.
The film will follow the experiences of the 7'3" actor as he tried to balance his career as a hospital worker with his time playing the iconic hairy alien.
Mayhew revealed his involvement in the satirical project in a tweet, writing: "Yes, we're working with Kyle Newman and the team on CHEWIE, The Movie and are hopeful it can move forward. Rumors can begin now, Forcecast!"
Newman's 2009 comedy Fanboys centred around a plot by a group of Star Wars fans to infiltrate George Lucas's Skywalker ranch and steal a rough cut of the yet-to-be-released Phantom Menace.
Watch the trailer for Fanboys below: