Step aside, Tina Fey.
The project, titled Game Change, is based on Mark Halperin and John Heilemann's book that follows Sen. John McCain's campaign, from his selection of a then-largely unknown Palin as his running mate to their ultimate loss to President Barack Obama.
The film will re-team director Jay Roach and screenwriter Danny Strong, whose 2008 HBO film Recount documented the chaos following the 2000 presidential race between Al Gore and George W. Bush and won three Emmys. Roach will also executive produce and Strong will co-executive produce.
Palin was famously portrayed on Saturday Night Live during the election by Fey who won an Emmy for best guest actress in a comedy series for the performance.
Since losing the election, the former Alaskan governor now appears as a contributor on Fox News Channel following the end of her TLC reality series, Sarah Palin's Alaska, in January.