Not the one you’re thinking of, no.  But he will be engaging in some martial arts in his new film.  Deadline reports that James is in talks with Sony for a mixed martial arts comedy.  James is attached to play a physics teacher whose school faces drastic
cutbacks. In an attempt to save his best friend’s job and the music
program his students love, he moonlights in the octagon as a mixed
martial arts fighter, ultimately leading to brawling in the UFC.

No director yet, although Allan Loeb (The Switch) is writing the script and James will be producing with Todd Garner.  James was most recently in Grown Ups and Paul Blart: Mall Cop.  He’ll be seen next year in Ron Howard’s Dilemma (also written by Loeb) and in the comedy The Zookeeper on July 8th, 2011.  In that film, the animals at one particular zoo decide to break their code of silence
in order to help their lovable zookeeper gain the attention of one
particular woman. 
Production is eyed for a 2011 start.