MCKay is writing the book for the stage show for his Funny Or Die company, which he co-founded with longtime partner Will Ferrell.
He is eyeing to debut the production in New York, hopefully leading to a Broadway run.
MCKay shared his vision for the musical in a statement which reads: "Archie represents a bygone era of America, and like all bygone eras, there are elements we miss and elements that should be bygone. This will be a musical that deals with both those realities in a bright, colorful and slightly demented way."
MCKay previously directed and co-wrote 2009 Broadway play You're Welcome America, in which Ferrell reprised his famous Saturday Night Live impersonation of former U.S. President George W. Bush.