The American star will team with Jon Heder (Napoleon Dynamite) in the remake of the successful film from the 1960s.
Todd Phillips (Starksky & Hutch, Old School, Road Trip), who is a specialist of comedies, will direct the film.
In the flick, Thornton will play a teacher who falls in love with the same woman as his student.
Filming for School for Scoundrels is set to begin in New York and Los Angeles in October. A release is planned for next spring.