The deal was signed here in Cannes by Image Entertainment UK managing director Wendy Rutland with Q Black Media.
Image will release the film in early 2009 and it does plan to launch the film theatrically, potentially with a distribution partner.
Schneider plays a used car salesman who is suddenly said to be a chosen prophet by a group of South African shamans. The comedy also stars Steve Buscemi, Holland Taylor and Peter Riegert.
Schneider wrote the script with Boon Collins. Joe Q Bretz and John Schneider produced. Q Black Media's Joe Q Bretz, David Blackford and Chris Luu financed the project.
'The draw of Rob Schneider combined with the high-brow comedy and poignancy of th film ensures that The Chosen One will be well-recieved by retailers and fans alike,' said Image's chief acqusition offer Bill Bromiley. 'This is a great acquisition for Image nad we're thrilled to be involved with this project.'