The actress is an executive producer on the drama, which is set in modern-day Pittsburgh and sees the feud between the wealthy, powerful Hatfields and working-class McCoys reunited following a death.
Deadline reports that there was a significant penalty at play if the project had not been greenlit.
John Glenn (Eagle Eye, The Lazarus Project) is attached to write a script for the pilot.
Theron began shopping the project - which is produced jointly by her company Denver and Delilah, Beau Flynn, AJ Dix, Dawn Olmstead and ABC Studios - last summer in the wake of History Channel's award-winning miniseries Hatfields & McCoys.
History's series has found success at both the Emmys and Golden Globes, in addition to a Screen Actors Guild award for star Kevin Costner.