McFarlane, who wrote and drew the comics, is making his directorial debut with the film project and also wrote the script.
Foxx is set to star as Al Simmons, a black-ops agent who is betrayed and murdered, with his soul sent to hell for all the innocents he killed. He makes a deal with a demon who allows him to return to Earth and see his wife, but in a cruel twist, five years have now passed and his wife has moved on. Simmons now roams the earth as a disfigured superpowered spawn of Hell who is trapped in the middle of a war between Heaven and Hell.
Renner will play Twitch, a good cop surrounded by corrupt officers who ends up working with Spawn. The character was a key player in the comic and even headlined his own comic.
A fall production start is being eyed.
Renner is coming off Tag, the ensemble comedy from New Line that also starred Ed Helms and Jon Hamm. He is repped by CAA and Felker Toczek.