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″ while he also starred in Paul Thomas Anderson's 2002 drama "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.