John Lee Hancock will direct the drama, which is written by Robert Siegel, reports hollywoodreporter.com.
The Founder tells the true story of how Ray Kroc, a salesman from Illinois, met Mac and Dick McDonald, who were running a burger operation in the 1950s in southern California.
Mr Kroc was impressed by the brothers' speedy system of making the food and saw franchise potential. He maneuvered himself into a position to be able to pull the company from the brothers and create a billion-dollar empire.
Mr Keaton reportedly met Mr Hancock on Monday and received an offer this week. He is still in talks to take on the role of Mr Kroc.
The 63-year-old actor won the best actor award at the Golden Globes for his work in Birdman.