The TV favorite is going for an EGOT of awards-show hosting.
Samantha Spiro and Simon Paisley Day star in the Shakespeare's Globe production.
The Tony winner and Breaking Bad star is scheduled to begin filming in 2015.
Shakespeare's history play is presented by Shakespeare's Globe.
Derek Gregor and Selda Sahin provide songs for the new short film.
McDonald and LaChiusa have collaborated on several musicals together in the past.
The Shakespeare's Globe production ran on Broadway in 2013.
Streisand would love to star in the film, she revealed.
This video clip from "I Can Do Better Than That" features a make-out sesh and some pretty dangerous driving.
Shakespeare's comedy, along with five other Bard plays, will come to American cinemas via Globe on Screen.