Anna Rose Holmer is in discussions to direct the film from Khurram Longi's script, reported Deadline.
Mad Chance's Andrew Lazar is producing the story about a waitress with dreams of riding on the rodeo circuit.
Portman was last seen in "Jackie," for which she received her third Academy Award nomination after "Closer" and "Black Swan," which won her a best actress trophy.
She has wrapped on Alex Garland's sci-fi thriller "Annihilation," which Paramount has set for a February 23 release.
Holmer directed "The Fits.
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