Mary Jane Skalski is producing the feature. Plot details are being kept under wraps.
Sandler's last dramatic role was Judd Apatow's "This Is 40." He also showed his acting chops in Paul Thomas Anderson's cult hit "Punch Drunk Love."
In addition to "The Cobbler," Sandler is circling Jason Reitman's next film "Men, Women & Children" so it's unclear which movie he will do first.
Actor-turned-director McCarthy last helmed "Win Win" and "The Visitor."
Sandler is repped by WME while McCarthy is at Gersh Agency.
Related storiesToronto: Jason Reitman Eyeing Jennifer Garner, Adam Sandler, Rosemarie DeWitt for Sex TaleAdam Sandler, Drew Barrymore Comedy Re-Named 'Familymoon''Grown Ups 2′: What the Critics are Saying © 2013 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLCCopyright © 2014, The Baltimore Sun