Are you ready to see Bill Hader greased up and sporing tiny red shorts? We are! The 'SNL' star has signed on to take the lead role in the upcoming 'Baywatch' film.

The Wrap reports that Bill Hader will be the new David Hasselhoff in the upcoming 'Baywatch' movie, which will satirize that long-running show, the same way that director Robert Ben Garant helped satirize the police force on Comedy Central's 'Reno 911,' which Garant both wrote for and starred in.

Hader will fill Hasselhoff's shoes in the role of Mitch Buchannon, head lifeguard on the beach. The original show followed the lives and loves of a group of lifeguards working a sunny beach filled with only the most attractive people, which gives the new film a solid comedic sandbox to play in.

Hader is the first actor to sign on for the film, which will follow two unlikely lifeguards who oil up and try to get a job alongside the more toned and tan hotties patrolling a local beach in California. (Previously Justin Timberlake was rumored to be taking the Hasselhoff role in the film.)

The new 'Baywatch' film is written by Jeremy Garelick ('The Break-Up'), Brian Gatewood and Alessandro Tanaka ('The Sitter'), and Peter Tolan ('Analyze This,' 'The Larry Sanders Show').

UPDATE: Collider is reporting that this earlier report isn't true, and that the script isn't finished yet. That doesn't mean it won't star Bill Hader, but he is far from confirmed.

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