Apatow, who saw his two short-lived TV series picked up by IFC on Wednesday as well, will produce, but not direct, the untitled project.
"Let's face it, the world needs more Pee-wee Herman," Apatow told Variety. "I am so excited to be working with Paul Reubens — who is an extraordinary and groundbreaking actor and writer. It's so great to watch him return with such relevance."
The new film continues Pee-wee Herman's return to the pop culture zeitgeist in recent years. Reubens, 57, played out to sold-out crowds, including Apatow, in Los Angeles in January and February. The Pee-wee Herman Stage Show: The Return will next hit Broadway for 10 weeks beginning in October.
"There is no one like Judd in our business — he loves comedy with emotion and heart, and he sees what we do as art," Reubens told the trade paper. "I can't believe I'm getting this opportunity to be working with him."
Pee-wee Herman rose to prominence in the 1980s after the character appeared in a 1981 HBO special, which was followed by the 1985 box office hit, Pee-wee's Big Adventure. The movie led to a second film in 1988 and the Emmy-winning kid's show Pee-wee's Playhouse, which ran on CBS from 1986 to 1991.
The character fell off the map after Reubens was arrested for indecent exposure in 1991, before he resurrected to his alter ego at the 2007 Guys' Choice Awards.
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