The movie is about a twin brother and sister, both played by Sandler. The sister arrives at the brother's house for Thanksgiving in L.A. but then won't leave, causing a comical strain on the brother and his family.
Holmes, 31, is being courted to play the brother's wife, according to The Hollywood Reporter, while Pacino would play himself.
Earlier this summer, Sandler told Cinema Blend that the dual role as brother and sister had become a bit of an obsession for his 4-year-old daughter Sadie, thanks to a mockup of Sandler as a woman that was in their house.
Of the movie's plot, he said: "The man version of me is doing okay. He has a family out in L.A. The twin-sister version of me lives out in the Bronx and comes out to L.A. for Thanksgiving and then refuses to leave and is spoiling the man version of [me's] family life a little bit."
For Holmes, this Columbia release would be her first major-studio picture since 2005's Batman Begins. She did appear in the low-budget Mad Money in 2008, has shot several indie movies and is currently filming the History Channel miniseries The Kennedys, playing Jacqueline Kennedy Onassis.