George Clooney and Josh Brolin are set to star, while Channing Tatum, Tilda Swinton and Ralph Fiennes are in negotiations to join them. Scarlett Johansson is also in talks for the star-studded ensemble.
Set in the Golden Age of Hollywood, story follows Eddie Mannix, a fixer tasked with keeping the salacious scandals of the town's biggest stars out of the press. Tatum will play one such movie star, while Fiennes will play a director and Swinton a gossip columnist.
Hill's role is being kept under wraps, and it's unclear whether he'll share scenes with Tatum, though the two have displayed strong chemistry together in the hit "Jump Street" franchise.
Universal is distributing the film, which the Coens are producing with Working Title's Tim Bevan and Eric Fellner.
Hill next stars opposite James Franco in the thriller "True Story," which will hit theaters in 2015. He recently earned an Oscar nomination for his supporting performance in Martin Scorsese's "The Wolf of Wall Street," and he's slated to reteam with co-star Leonardo DiCaprio on a Richard Jewell movie.
Not only has "22 Jump Street" grossed more than $230 million worldwide so far, but Hill also voices a role in another hit sequel — DreamWorks Animation's "How to Train Your Dragon 2."
Hill is represented by WME, managers Ian Montone and Rick Yorn of LBI Entertainment and Jackoway Tyerman.
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