Jane Rosenthal and Jay Roach are producing, and the studio will begin production in July. John Hamburg is rewriting a script originated by Larry Stuckey.
Robert De Niro, Ben Stiller, Owen Wilson, Teri Polo and Blythe Danner are so far set to reprise.
The trade says the studio has been looking hard for the right director to replace Roach, who helmed Meet the Parents and Meet the Fockers, films that turned in a combined worldwide gross just north of $820 million.
Weitz is expected to follow "Fockers" with Another Bullsh*t Night in Suck City, an adaptation of the Nick Flynn book that Weitz scripted. Focus Features has picked up the project, which will star De Niro and Casey Affleck.
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