It will be the first film outing for the animated cheese-lover and his pet dog since 2008's Bafta-winning A Matter of Loaf and Death.
The new project, devised by creator Nick Park, will focus on Gromit's concern that Wallace has become overdependent on his inventions, which proves justified when Wallace invents a "smart gnome" that seems to develop a mind of its own.
As events spiral out of control, it falls to Gromit to put aside his qualms and battle sinister forces - or Wallace may never be able to invent again.
The film, made by animation powerhouse Aardman, follows the latest Shaun the Sheep caper The Flight Before Christmas, a Wallace & Gromit spin-off which aired on BBC One last year.
Charlotte Moore, chief content officer at the BBC, said: "It's incredibly exciting to be taking British audiences on a cracking new adventure with Wallace & Gromit and to be continuing our long relationship with Aardman and Nick Park following the success of Shaun the Sheep this Christmas."
Sean Clarke, managing director of Aardman, added: "Wallace and Gromit are so loved by everyone at Aardman - they're like family to us - and we couldn't be more excited to be creating a brand new film for them to star in."
"When Nick came up with the concept for a 'smart gnome', we all agreed that Wallace would find the idea irresistible - despite warnings from Gromit, who is wise beyond his (dog) years. We're sure audiences will find the story irresistible too."
The film will premiere on the BBC in the UK and on Netflix in the rest of the world.
A bronze sculpture of Wallace & Gromit was unveiled outside Market Hall by Preston-born creator Nick Park in September 2021.
"The Oscars and BAFTA's are great and have been wonderful career-wise, but to be recognised like this by your home crowd is something really special," he said.
Nick, who still spends a lot of time in Preston, was in cracking form, arriving for a grand day out with his wife Mags and family in a retro camper van.
He hadn't seen the finished statue before the cover was pulled off and his first reaction was: "Wow, I'm gobsmacked."
The 7ft tall bronze bench, with Wallace and Gromit in a scene from the film The Wrong Trousers, was first conceived more than a decade ago.
"Bronze statues tend to be very serious, unfriendly things," he told the Post. "But I wanted this to be welcoming and something people would use."
Nick was helped in the unveiling ceremony by Preston Mayor Coun Javed Iqbal who said later: "Preston is very proud of Nick and the statue is absolutely wonderful.
"We have given it pride of place in front of the Market Hall and, when the new cinema complex is completed in a couple of years, this will be a real focal point in the city centre.
"I've been a fan of the Wallace and Gromit films since they first came out and it's great to hear a Lancashire accent in them."
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