The 66-year-old Hollywood legend has joined Judah Lewis - who stars in the Netflix horror/comedy 'The Babysitter' - and Darby Camp of 'Big Little Lies' fame in the currently untitled Christmas movie set for the streaming giant.
However, they accidentally cause his sleigh to crash in Chicago and they have to help get Christmas back on track before it's ruined with no gifts delivered by Santa to children all over the world.
The script, which reportedly was once titled '12/24', was written by 'The Addams Family' scribe Matt Lieberman and based on an original idea by David Guggenheim. 'Home Alone' helmer Chris Columbus is set to produce the new Christmas feature alongside Clay Kaytis who will helm the movie which is due to start filming in January with a 2018 festive season release.
Columbus, Michael Barnathan and Mark Radcliffe will produce the film for 1492 Pictures, with Ocean Blue Entertainment executive producing.
The visual effects will be overseen by Academy Award winner Erik-Jan De Boer - who won the accolade for Ang Lee's 'Life of Pi'.
Russell is coming off the back of the successful 'Guardians of the Galaxy Vol. 2' movie this year where he starred as Ego - the ancient Celestial who is Peter Quill aka Star-Lord's (Chris Pratt) father.
He also starred in another top-grossing movie 'Fate of the Furious' - the eighth instalment of the 'Fast and Furious' franchise.
Lewis, 16, will next be seen in 'Summer of '84' - a thriller set to debut at the Sundance Film Festival in January.
Child star , Camp, has just wrapped up filming alongside Margot Robbie in 'Dreamland' and will make a return to the hit HBO show 'Big Little Lies' alongside Reese Witherspoon and Nicole Kidman.