The film, Maldonado Miracle, focuses on the media frenzy that ensues when a statue of Jesus in a Catholic town starts bleeding.
"
What I really want is respect as an actress so that I can have the opportunity to do films that are interesting to me
"
Salma Hayek
Hayek is also winning rave reviews for her portrayal of South American artist Frida Kahlo in the film Frida, which has gained her a Golden Globe nomination and talk of an Oscar nod.
Bidding has also begun at Sundance for distribution rights for films shown there, with Miramax paying $1.5m (£924,778) for The Station Agent, a comedy about a loner dwarf.
Other films which are garnering interest include Pieces of April, with bids reportedly already reaching $4m (£2.4m), Die Mommy Die and Party Monster.
'Useless miracle'
Hayek said of her film: "What was most interesting was the miracles we do everyday once we have a little bit of hope.
"To me, a Christ bleeding is a useless miracle. What is it going to help?"
And she added that she had not been disappointed at losing out on a Golden Globe to Nicole Kidman's performance in The Hours.
"Just seeing my name among those (other nominees) already gave me what I want," she said.