The 57-year-old Neighbours alumbi and the Ted Lasso star, 50, have signed on to appear in filmmaker Matt Chambers' upcoming movie for Bankside Films, which will be The Bike Thief director's second picture.
Also starring The Gentleman actor Daniel Ings, Mr Sunny Sky will follow Leonard Moore, a once chart-topping pop artist who is now a lounge singer at an inconspicuous Canary Islands hotel.
British actor Hannah Waddingham is set to star oppose Guy Pearce in Mr Sunny Sky. (AP PHOTO)
The performer falls madly in love with another lost soul Shirley, though the couple's relationship is thrown into jeopardy after her dangerous husband finds out, leading to the pair being thrown into a downward spiral of paranoia, suspense and violence.
The movie – which was also written by Chambers – will begin shooting next year on location in Gran Canaria and is being produced by PK Fellowes and Rowena Wallace.
In a statement, the director said: "I couldn't feel luckier to be making this film on such a beautiful island, side by side with the most talented people I know, friends old and new, legends established and in the making.
"Putting the astonishing Guy and Hannah together, it's obvious we're onto something electrifying."
Bankside Films' Yana Georgieva added: "Mr Sunny Sky is a wonderfully romantic take on the classic crime thriller genre. It's both dangerous and compelling and Matt has assembled a brilliant cast to bring his story to the screen."
Waddingham could last been seen on the silver screen in the action-comedy The Fall Guy, in which she starred opposite Ryan Gosling, Emily Blunt and Aaron Taylor-Johnson as the relentless Hollywood producer Gail Meyer.
The Game of Thrones actress previously revealed she had demanded to perform her own stunts in the film, which earned her some scars.
During an appearance on The Late Show with Stephen Colbert, she said: "I was complaining that just because I'm a girl doesn't mean I can't get involved with the shizzle, So I was like, 'I would like to punch him, please'."
Showing the host the scars on her fingers, Waddingham added: "So I really smacked it to him and see all these scars here. Look at my wounds. So that's my badge of honour."