Shaun of the Dead's Simon Pegg and Nick Frost team up for new comedy horror Slaughterhouse Rulez

The pair, who have co-starred in Shaun of the Dead, The World's End, Hot Fuzz and many more, are releasing the film under the banner of their new production company, Stolen Picture.

It is not yet clear whether Pegg and Frost will star but casting is still underway, RadioTimes.com has learnt.

"Slaughterhouse Rulez is set in an elite boarding school where boys and girls are groomed for power and greatness," runs the synopsis. "The story’s hero, Don Wallace, is a wide-eyed new boy from a modest background forced to navigate a baffling new world of arcane rules and rituals, presided by sadistic sixth formers.

"Matters of status are aggressively enforced and conversation with school goddess Clemsie, are strictly forbidden.

"But this ancient and ordered world is about to be shaken to its foundations – literally – when a controversial frack site on prize school woodland causes seismic tremors, a mysterious sinkhole and an unspeakable horror is unleashed.

"Soon a new pecking order will be established as pupils, teachers and the school matron become locked in a bloody battle for survival."

Slaughterhouse Rulez will be directed by Crispian Mills, who worked with Pegg in A Fantastic Fear of Everything.

You can next see Simon Pegg in thriller movie Terminal alongside Margot Robbie, while Nick Frost is currently appearing in American series Into the Badlands.