Shawn Levy is teaming up with 20th Century Fox to develop a high-concept family comedy out of the classic kids picturebook "Alexander and the Terrible, Horrible, No Good, Very Bad Day".

According to Variety, the Jim Henson Co. holds the film rights to the story, which was written by Judith Viorst in 1972.

Rob Lieber will pen the adapted screenplay, which revolves around family members collectively enduring the worst day of their lives. In the book, the central character, Alexander's day goes from bad to worse after he wakes up with gum in his hair.

The young boy gets so frustrated that by bedtime, he threatens to move to Australia.

Sources say Levy won't necessarily direct Alexander and the Terrible, Horrible, No Good, Very Bad Day.

No production date has been set.