The broadcaster said that it decided early on that the project, which is still in development, would work best as a film rather than a TV series and it is therefore being developed through Film4.
The plot is thought to centre on a jihadist cell in the north of England.
Morris has covered a number of controversial subjects in his past work including a special episode of spoof current affairs show 'Brass Eye' about paedophilia, which attracted a record-breaking number of complaints in 2001.
More recently Morris was a cast member in 'The IT Crowd', a Channel 4 sitcom written and directed by Graham Linehan, who Morris collaborated with on 'The Day Today', 'Brass Eye' and 'Jam'.
A spokeswoman for Channel 4 said: "Channel 4 has a long history of working with Chris Morris, and a significant funding contribution towards his latest project is being made.
"It was agreed at a very early stage that the project would work best as a film and from this point was developed through Film4."
The BBC refused to commission the suicide bomber comedy because of its subject matter, deeming it unsuitable for primetime audiences, according to the Evening Standard.
The BBC was unavailable for comment at the time of publication.