Theron will play Marlo, a mother of three who is gifted a night nanny by her brother.
Though initially reluctant to accept, she comes to form a unique bond with the young titular caregiver, reported the Entertainment Weekly.
Reitman will direct the movie, based on a script by Cody. It would be his third collaboration with the scriptwriter following "Young Adult", which also starred Theron, and "Juno".
Theron's upcoming projects include the spy thriller "The Coldest City" and the eighth installment of the "Fast & Furious" series.
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