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The film, called Snow White And The Huntsman, will be directed by Rupert Sanders.
Empire reports that Theron is under consideration for the role of Ravenna, an evil queen who sends a bounty hunter after Snow White.
It had previously been reported that the film's producers wanted Angelina Jolie for the part, but it is now believed that the actress's work on her directorial debut would make this impossible.
Snow White And The Huntsman is currently set for release on December 21, 2012.
