Just weeks after Peter Fonda hinted his old friend Jack Nicholson was retiring, the Hollywood legend has shot that rumor down. Jack Nicholson has signed on to star alongside Kristen Wiig in Paramount Pictures' English-language remake of Toni Erdmann, one of this year's Oscar nominees for Best Foreign Language Picture. The studio has recently acquired the rights to remake this German-language film, and while there is no writer or director attached, the project does have some top-flight talent producing the remake.

Variety reports that Adam McKay and Will Ferrell will produce with their Gloria Sanchez Productions partner Jessica Elbaum. Gloria Sanchez Productions is a division of Adam McKay and Will Ferrell's Gary Sanchez Productions, which is dedicated to female-driven film and TV projects. They will all produce alongside original Toni Erdmann writer-director Maren Ade and Jonas Dornbach and Janine Jackowski, who produced the original movie.

Toni Erdmann centers on a practical-joking father (Peter Simonischek) who tries something drastic in order to re-connect with his hard-working daughter. He creates an outrageous alter-ego named Toni Erdmann and becomes the life coach for the CEO of her daughter's company. The film was given a limited release in just three U.S. theaters on Christmas Day, with Sony Pictures Classics giving it a slight expansion to 20 theaters last weekend, just days after it received its Oscar nomination. Sony Pictures Classics acquired the theatrical rights to the original after its critically-acclaimed debut at Cannes last summer.

This project will mark Jack Nicholson's first movie since playing a failing businessman and father named Charles Madison in How Do You Know, and he also appeared as himself that year in the faux documentary I'm Still Here. There were rumors swirling about the three-time Oscar winner retiring back in 2013, after turning down a few high-profile project. He was approached in 2010 to reunite with his A Few Good Men star Tom Cruise in El Presidente, with Matthew Vaughn reportedly eyeing both Clint Eastwood and Jack Nicholson to star in a film called The Golden Age. Robert Downey Jr. also wanted the big-screen legend to play his father in The Judge, but he also turned that down, leading to Robert Duvall landing the role, and an Oscar nomination for his performance.

Kristen Wiig is coming off a big year in 2016, starring in Sony's Ghostbusters reboot, while lending her voice to the R-rated comedy hit Sausage Party and starring in Masterminds and Zoolander 2. She will also return to voice Lucy Wilde in the highly-anticipated animated sequel Despicable Me 3, debuting in theaters on June 30. Later this year she will star in director Alexander Payne's Downsizing with Matt Damon and Neil Patrick Harris, and the indie comedy The Heyday of the Insensitive Bastards with James Franco. Hopefully we'll hear more about the Toni Erdmann remake cast soon, now that Jack Nicholson and Kristen Wiig have signed on.