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MRC is behind the movie and Scott Stuber is producing with MacFarlane.
A Million Ways, which MacFarlane is starring in, directing and co-writing, is a Blazing Saddles-style comedy that follows a sheepish farmer who chickens out of a gunfight and sees his girlfriend leave him.
When he meets the wife of a notorious outlaw who offers to teach him how to shoot, the farmer at first sees a chance to win back his love but slowly falls for the woman. Complications ensue when the outlaw returns and reclaims his woman.
A May production start is being eyed, according to sources.
Theron last starred in Prometheus and Snow White and the Huntsman. She is repped by WME and Hansen Jacobson. MacFarlane is set to host the Oscars on Feb. 24.
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Sundance Film Festival