James Caan is in negotiations to take on the role of Will Ferrell’s father in the New Line Cinema comedy "Elf," to be directed by Jon Favreau says The Hollywood Reporter. Ferrell stars as Buddy, a man raised from infancy by elves at the North Pole. After inadvertently yet continually wreaking havoc on the elf community, Buddy is sent to New York to be reunited with his biological father (Caan). With the sincere intention of fitting in, Buddy proceeds to turn his father’s life upside down