Nancy Meyers, who penned the film's screenplay, is producing the film with Scott Rudin. The film casts Martin and Baldwin as rivals for the affections of Streep.
Filming will begin in February 2009; screenwriter Meyers will also direct. Meyers' previous films include "Something's Gotta Give" and "The Holiday."
Martin wrote and starred in such films as "Dead Men Don't Wear Plaid," "The Man with Two Brains," "Roxanne," "L.A. Story" and "Bowfinger." His plays include Picasso at the Lapin Agile and The Underpants, and he also published the novellas "Shopgirl" and "The Pleasure of My Company." Martin was also one of the producers of the 2002 Broadway revival of The Elephant Man.
Martin will next be seen in "Pink Panther 2," which will arrive in cinemas nationwide Feb. 6, 2009.