The Hangover star will play a struggling nightclub owner who decides to settle his debt to a loan shark by taking part in a star-studded death match – with the Baywatch actor as his chosen celebrity.
Wrestling star Hulk Hogan has also signed up for a role in the film, currently known as Celebrity Death Pool, reported Deadline.
The Hoff will also co-produce the comedy with WWE Studios.
Darren Grant will direct the movie from a spec script by Peter Hoare.
Ken, who reprised his role as gangster Leslie Chow in The Hangover Part III, has been filming Ride Along 2 with Ice Cube and Kevin Hart.
David’s previous big-screen outings include Keith Lemon: The Film, Piranha 3DD and Dodgeball: A True Underdog Story.