will feature British content as well as material from its , which was launched last year by comedians Will Ferrell and Adam McKay and writer/producer Chris Henchy. The UK site will showcase exclusive new sketches and a weekly blog from Lucas and Walliams.
Hat Trick Productions, the production house behind shows such as 'Have I Got News For You' and 'FoneJacker', will be the site's sole production partner.
Hat Trick will also serve as the London base for the Funny or Die production office, which will be responsible for commissioning and creating comedy clips using both established and emerging UK talent.
Aspiring comedians and sketch writers are invited to upload their own clips, which will then be viewed by the site's community, who vote: "Funny" or "Die".
The site has established a partnership with Sky that will see its content promoted on Sky.com and it has also appointed Sky Digital Media to exclusively handle advertising sales from launch.
Carly Crouse, director of content at BSkyB's online business unit, said: "Partnering with Funny or Die is part of our drive to make sky.com a leading online entertainment destination."
Walliams and Lucas will oversee the London Funny or Die team, which includes James Serafinowicz, best known for his writing credits on BBC comedy sketch show, 'The Peter Serafinowicz Show', Al Campbell, the director behind 'Charlie Brooker's Screenburn', 'Brasseye' and Channel 4's 'FoneJacker', and writing trio the Dawson brothers, whose credits include 'Web Look' and 'Skins'.
Recent high-profile stars on the US version of Funny or Die include Eva Longoria from 'Desperate Housewives', Hayden Panettiere from 'Heroes', boxer Oscar de la Hoya, and Paris Hilton, who filmed a last month.
Lucas said: "The US site has been a great place for comedians to test out new stuff and, more importantly, it's worked well as a platform for discovering new talent. That's what we're hoping to achieve over here."
During launch week, users can access previews of sketches from the Lucas and Walliam's new show - 'Little Britain USA'.
Dick Glover, the president and chief executive of Funny or Die, said: "Funny or Die is all about democratizing comedy; the community decides what is and isn't funny, not a TV commissioner in an ivory tower and that is what makes the site unique.
"We see Funny or Die as an incubation area for established and emerging comedy talent reaching core comedy fans and gaining direct feedback from viewers".