Larson won the best actress Oscar on Feb. 28 for “Room,” which was released by A24.
Martin Scorsese is exec producing “Free Fire,” which also stars Sam Riley and Noah Taylor. Wheatley is directing from a script he co-wrote with Amy Jump.
Andrew Starke is producing. Additional executive producers include Sikelia’s Emma Tillinger-Koskoff, Reno Antoniades, Film4’s David Kosse and Sam Lavender, along with Ben Roberts and Lizzie Francke from the British Film Institute.
“Free Fire” centers around an arms deal that goes spectacularly and explosively wrong. Larson will portray a woman who has brokered a meeting in a deserted warehouse between two Irishmen and a gang selling them a stash of guns. But when shots are fired during the handover, complete pandemonium ensues.
Troubled distributor Alchemy bought the U.S. rights to “Free Fire” during the American Film Market in November but that deal is no longer in place.
Wheatley previously directed the thrillers “High-Rise,” “Sightseers” and “Kill List.”
WME Global negotiated the deal on behalf of the filmmakers. Protagonist Pictures is handling international sales.
In addition to Larson’s Oscar, A24’s films won two other Oscars at the 2016 Academy Awards: best documentary for Asif Kapadia’s “Amy” and best visual effects for Alex Garland’s “Ex Machina.”