Ailes made headlines in July 2016 when he left Fox News amid sexual misconduct allegations from Kelly and fellow network star Gretchen Carlson. Kelly told investigators during an independent inquiry that Ailes had sexually harassed her in the past.
The film hails from Annapurna Pictures and director Jay Roach with a script by The Big Short writer Charles Randolph. The film has been in development from before Ailes death in May 2017 at the age of 77, Deadline reported.
Theron is also producing with Roach, Randolph, Margaret Riley, Beth Kono and AJ Dix. No other casting or production start date has been set.
Kelly, after exiting Fox News and her show The Kelly File, moved to NBC where she now hosts Megyn Kelly Today as part of the network's Today morning news program.