The comedians, who star in their eponymous Comedy Central sketch show, would produce with franchise creator Paul Maslansky.
New Line has been attempting to reboot the "Police Academy" franchise in recent years. "Tosh.O's" Scott Zabielski was attached to direct at one point, and Jeremy Garelick ("The Break-Up") has written the most recent script.
New Line released seven "Police Academy" films between 1984 and 1994. Steve Guttenberg starred in the first four, along with Bubba Smith, Michael Winslow, David Graf and Bobcat Goldthwait.
Key and Peele began on "MadTV." They recently signed to appear in four episodes of FX's TV series adaptation of "Fargo."
The duo is repped by UTA and Principato-Young.
News was first reported by The Tracking Board.
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