The comedy, titled Worst Man, will be brought to audiences by Universal Pictures, and it's based on an original idea pitched to that studio by Jost, as well as Matthew Bass and Theodore Bressman.
So far the concept is pretty vague, but Variety sums it up like so: "[t]he wedding comedy follows a soon-to-be-married couple and the family dramatics that ensue just weeks before the wedding."
SNL creator Lorne Michaels is set to serve as a producer, while Universal is said to be trying to find the film's director.
Jost and Davidson have worked together since the latter joined SNL in 2014 (Jost's history with the show dates back much further, as he's been writing for them since 2005). Note their chemistry in some select Weekend Updates, especially if you're bored/have the time, that have been loaded onto YouTube by whoever does this for the show.
Variety adds that Jost has slowly beefed up his film projects recently. He has served as one of SNL's head writers since 2017, and previously held a co-head writing position over there from 2012 to 2015.
In addition to this newest film, Jost's memoir, A Very Punchable Face, will be published on July 14. He's also set to star in the live-action/animated Tom & Jerry hybrid film that's coming out in 2021.
As for Davidson, he's had a nice film run over the past few years. His most recent release, the Judd Apatow directed/written/and produced film The King of Staten Island (which was also produced by Universal) came out on video on-demand on June 12. Davidson was also the star of Big Time Adolescence, which released on Hulu earlier in 2020, and will be in The Suicide Squad sequel set to come out next year.