Teaming up for a second time with Mark Wahlberg, Ferrell stars in "Daddy's Home" -- the story of a straight-laced stepdad competing for the affection of his stepchildren after the arrival of their free-spirited father.
"That’s kind of where the fun ensues with the movie," Ferrell told "Good Morning America" co-anchor Lara Spencer. "He comes back into the picture and I think it's a good thing for our family and to show I'm not threatened."
As for 2003's "Elf," Ferrell said he didn't expect it to become the Christmas classic that it is today.
"It's surprising how each year it just gets higher and higher on people's lists," he said. "I wouldn’t have predicted that."
"Running around the streets of New York dressed as an elf, I thought, 'This could be my last movie,'" Ferrell joked. "It went the other way, so I feel so fortunate. I feel so glad that that's become part of the lexicon."
"Daddy's Home" will be released in theaters on Christmas Day.