David Gordon Green is directing with George Clooney and Grant Heslov producing through their Smokehouse Pictures banner, with Bullock exec-producing.
The film is based on the 2005 documentary of the same name, which focuses on the use of American political campaign strategies in South America.
Peter Straughan penned the script. Courtenay Valenti and Racheline Benveniste are overseeing for the studio.
Production is set to start this fall.
McNairy has become a favorite at Warners — he starred in “Argo” and is currently shooting “Batman v Superman: Dawn of Justice.” He was also recently seen in the AMC drama “Halt and Catch Fire.”