Owen Wilson is set to star in the high-concept comedy "Drillbit Taylor" for Paramount Pictures. Steven Brill is in negotiations to direct.

Judd Apatow is producing alongside Susan Arnold and Donna Roth.

Based on an original idea by John Hughes, who wrote a 70-page scriptment a couple of years ago, the story revolves around two high school freshmen who are targeted by the school bully on the first day of the school year. The boys hire what they think is a low-budget soldier of fortune (Owen Wilson) to protect them, but he turns out to be anything but.

Kristofor Brown and Seth Rogen wrote the screenplay with input from Apatow.

The deal is a coup for Paramount, which lost a Wilson vehicle last year when "The Secret Life of Walter Mitty" went into turnaround.

"Drillbit," which will carry a less-than-$40 million budget, is being fast-tracked by the studio and will start shooting in September in Los Angeles. Paramount is eyeing a summer 2007 release.

The studio was eager to work again with Brill, who helmed Paramount's low-budget boxoffice hit "Without a Paddle."

Paramount's Alli Shearmur and Pam Abdy are shepherding "Drillbit" for the studio. The project was packaged by UTA, which reps Wilson, Brill, Apatow, Brown and Rogen.