The film will be directed by "Flight of the Conchords" writer-director James Bobin and is set to begin production in November, from a script by Segal and Nick Stoller. A December 2011 release is planned.
Segal and Adams would play a couple, with Cooper as the villain bent on destroying the Muppet Theater to drill for the oil he thinks is underneath it. Jones would reportedly portray an ABC executive.
Adams, an Oscar nominee for the films "Doubt" and "Junebug," has numerous other screen credits including "Julie & Julia," "Charlie Wilson's War," "Enchanted," "Talledaga Nights," "The Office," "Catch Me If You Can" and "Drop Dead Gorgeous."
Cooper, who won his Oscar for "Adaptation," appeared on Broadway in Of the Fields, Lately and Off-Broadway in Trumbo. Notable screen credits include "The Tempest," "The Town," "Capote," "American Beauty" and the miniseries "Lonesome Dove."
Jones is known for the TV series "Parks and Recreation" and "The Office."