The movie is produced by Seth Rogen, Evan Goldberg, James Franco and Megan Ellison and will be directed by Greg Tiernan and Conrad Vernon (Shrek 2).
The film will centre on a pack of sausages who search for the truth about their very existence prior to a July 4 holiday grocery sale.
Jonah Hill, Michael Cera, Rogen and Holm will voice the sausages.
Salma Hayek has been cast as a taco named Theresa, Kristen Wiig will play a bun and Edward Norton will voice a bagel.
Sausage Party is expected to hit cinemas in the US on June 3, 2016.
Watch the red band trailer for Seth Rogen's Bad Neighbours below: