Matthew McConaughey has a new excuse to never put on a shirt as he is slated to join a cast of Channing Tatum, Alex Pettyfer and Matt Bomer in an upcoming movie about male strippers entitled 'Magic Mike.'

Tatum stars as 'Magic Mike,' a male dancer who poses as a mentor, showing the young Pettyfer the ropes at a strip club. Variety announced McConaughey will play the owner of Xquisite, the strip club where the men work along with Matt Bomer.

The film, loosely based on Tatum's life pre-stardom when he was a stripper at age 19, is set to be directed by Steven Soderbergh.

"When Channing talked to me about this, I thought it was one of the best ideas I'd ever heard for a movie," said Soderbergh in a statement to Entertainment Weekly. "We're using 'Saturday Night Fever' as our model, so hopefully we're on the right track."

Tatum plans to use his experience of being a stripper in Tampa to channel the role of Magic Mike. Tatum famously admitted to his former job on the Ellen DeGeneres show last year before giving DeGeneres a lap dance.

"Look, I'm not proud of it," said Tatum to Ellen. "But I'm not ashamed of it."

'Magic Mike' is set for a 2012 release date.