The movie also features Christian Bale and Amy Adams, reported Deadline.
The film details the career of Dick Cheney, from Halliburton CEO to Vice President of US.
Rice served as the 20th National Security Advisor in President George W Bush's first term and the 66th US Secretary of State during Bush's second term.
McKay and his Gary Sanchez Productions partners Will Ferrell and Kevin Messick are producing along with Brad Pitt and Dede Garner via their Plan B label.