For the first time in nearly a decade, the veteran stage actors will join forces once again for an updated version of Terrence MCNally's 1986 comedy.
Broderick is set to portray a nervous playwright at the opening-night party for his new play, while Lane will assume the role of Broderick's envious friend.
It's Only a Play is slated to open this autumn (14).
The famous duo first starred together in Mel Brooks' hit The Producers in 2001, for which Lane won a Tony Award for Best Leading Actor in a Musical.
In 2005, they co-starred in a revival of Neil Simon's play The Odd Couple.