Variety reported Kidman is in negotiations to portray Carlson, who accused, along with anchor Megyn Kelly, Ailes of sexual misconduct. Ailes left Fox News in July 2016 following the allegations before he died in May 2017 at the age of 77.
Carlson won a sexual harassment lawsuit against Fox News and Ailes in September 2016 that resulted in a $20 million settlement from the network.
Theron is producing along with Roach, Randolph, Margaret Riley, Beth Kono and AJ Dix. No release date has been announced.
Kidman will next be seen in DC's next superhero epic Aquaman, set for release on Dec. 21.