CJ Entertainment is going to co-produce, finance and distribute the $13.4 million film.
Presently shooting in Los Angeles, the script was written by the director and later revised by Alec Sokolow and Joel Cohen.
Story follows a mafia boss who trains his mentally impaired son Younggu to be his successor. Shim will play the part of Younggu. This is a popular comedy character he created for TV during the 1980s.
The Last Godfather is going to be released at the end of this year.