Vince Vaughn and Jon Favreau reunited

Jon Favreau

Jon Favreau and Vince Vaughn are to be reunited on screen in the comedy thriller, Term Life.

The pair, who previously worked together on films such as Couples Retreat, Swingers and The Break-Up, will mark their next collaboration with the big-screen adaptation of Nick Thornborrow's graphic novel.

Vince will play a thief, who takes out life insurance on himself when he finds himself hunted by the mob, corrupt cops and hitmen, after a botched job. The only snag is, the policy doesn't begin until 21 days later.

Hailee Steinfeld has been cast as the estranged daughter of Vince's character, while the Iron Man actor's role has not yet been disclosed.

Production on Term Life, which will be directed by Peter Billingsley and written by AJ Lieberman, began on March 1.

Jon, who has appeared in The Wolf Of Wall Street, Identity Thief and People Like Us, has made his debut as a director with Chef, which premiered at SXSW festival in Austin.

Vince, last seen in Anchorman 2: The Legend Continues, will next star in Business Trip alongside Tom Wilkinson, Sienna Miller and Nick Frost.