Sarandon, Bill Pullman and Josh Lucas have confirmed that they will be joining Cillian Murphy (Sunshine) and Ellen Page (Juno) in this film.
Peacock is set in a small town in Nebraska where a train crashes into the backyard of a bank clerk, revealing a woman no one knew lived there.
The movie is produced by Mandate Pictures, and directed by Michael Lander, who also co-wrote the screenplay with Ryan Roy. It will be the first major picture for Lander.
The movie will be in theatres in 2009.
In the meantime, Sarandon can be seen in Speed Racer, which will be coming out on May 9.