Stiller, who played the role of Ronnie Shaughnessy in the 1986 production of the dark comedy about American dreamers in Sunnyside, Queens, will now play the role of Artie Shaughnessy, with Emmy winner Falco as his wife Bananas.
Much-in-demand director David Cromer, best known for his Off-Broadway stagings of Adding Machine and Our Town, will direct.
Scott Rudin will produce the revival, which deadline.com says will play the Walter Kerr Theatre, currently home to the Tony-nominated revival of A Little Night Music, in the spring.
The play's New York City premiere was in 1971 at Off-Broadway's Truck and Warehouse Theatre. Lincoln Center Theater made a Broadway hit out of it in 1986, and the production was subsequently taped for broadcast. The LCT staging earned 1986 Tonys for performers John Mahoney and Swoosie Kurtz, director Jerry Zaks and set designer Tony Walton. It was also nominated for Best Play.