Key & Peele stars/creators Keegan Michael Key and Jordan Peele are serving as the guest editors of Entertainment Weekly for this week's print edition, where the duo revealed they are developing a movie with Paramount based on their substitute teacher character, Mr. Garvey.

Here's what Keegan Michael Key, who plays Mr. Garvey in the Key & Peele sketch, had to say about the movie.

"We're in negotiations at Paramount to make a 'Substitute Teacher' movie. Two of our writers are penning it. Well, they're not penning it as we speak - it's getting there."

Jordan Peele also discussed the Police Academy reboot they signed on to produce back in April, revealing that The Mindy Project star Ike Barinholtz and writer David Stassen are penning the script.

"We were brought on to take the creative lead with it. We got two of our friends, Ike Barinholtz and David Stassen [both of The Mindy Project]-brilliant, funny men. They're going to be penning the script."

It isn't known if Keegan Michael Key and Jordan Peele plan on starring in the reboot themselves, but Jordan Peele said they would wait and see how the script turns out.

Related: EXCLUSIVE: Keegan-Michael Key and Jordan Peele Talk Key & Peele Series Premiere

"When we start working with the script and seeing it, we'll make the decision. Is Key & Peele a distraction from Police Academy? We'll figure it out. Either way, we'll make the best call for the movie."

They also have another project in the works that they are developing with Judd Apatow, but Keegan Michael Key revealed they're scrapping the original idea and starting over from scratch.

"We're starting at step one again with that. There was an idea with Judd, [but] we're not doing that idea anymore. Now we're going to start from ground zero and start all over again."

Jordan Peele is also working on a horror movie with Darko Entertainment that he wants to direct.

"That's a straight horror movie. I want to be essentially a thriller director. I'm a big fan horror movies. Rosemary's Baby, The Stepford Wives-I'm sort of taking a lead from that genre of film. It'll be, just, very cool."

What do you think of all these new projects Keegan Michael Key and Jordan Peele are developing? Do you think a Substitute Teacher movie can work on the big screen? Chime in with your thoughts below.