The New York Times reports that Tony winner Jack O'Brien will direct the production, which will open in September at a Broadway theatre to be announced.
McNally's husband, Tom Kirdahy, is the lead producer of the comedy, which will cast Broderick as a nervous playwright and Lane as his backbiting friend. Manhattan Theatre Club presented It's Only a Play in 1986 with a cast led by James Coco.
"I've wanted to do the play for a while, but so much has changed,” McNally told the New York Times, “so I did a rewrite ... The world of Broadway has changed drastically since the original...When it was written, one person raised the money for a show. Those days are gone.”
Broderick and Lane also shared the stage in a revival of Neil Simon's The Odd Couple. McNally is currently represented on Broadway with the Tony-nominated Best Play Mothers and Sons.