"Well, I'll believe it's happening when I'm actually there, staring at Jim Carrey," Daniels joked Monday night with a giddy Fallon. "But it looks like we're starting in September."
Daniels, currently the star of HBO drama "Newsroom," promised the script he read is worth the wait for fans of Peter and Bobby Farrelly's 1994 original.
"It'll be the 20th anniversary of the first one, next year when it's released. I've seen the script, it's hysterical," Daniels said. "We're middle aged and we're still that stupid."
The project was stuck in turnaround at Warner Bros. for years, moving forward last month when Red Granite Pictures agreed to finance the $35 million production and Universal hopped on board to distribute.
Watch Fallon nearly jump for joy when he hears the news in the interview below: