"The Last of Robin Hood," which is scheduled to begin production in January 2013, is based on Flynn's final days before he died of a heart attack at age 50 and follows his relationship with 17-year-old Beverly, an actress who co-starred in his last film "Cuban Rebel Girls."
Kline is a two-time Tony Award winner for On the Twentieth Century and The Pirates of Penzance. He was Tony-nominated for Henry IV and has also appeared on Broadway in Cyrano de Bergerac, The Play What I Wrote, Ivanov, The Tempest and Arms and the Man, among others.
Sarandon, who won the Oscar for her performance in "Dead Man Walking," has been seen on Broadway in An Evening with Richard Nixon and… and Exit the King.
Christine Vachon and Pam Koffler will produce "The Last of Robin Hood" for Killer Films alongside Maggie Malina.