Hanks will produce Ryan's directorial debut Ithaca, which will shoot in Virginia later this summer (14).
State Governor Terry MCAuliffe confirmed the film will be shot in and around Richmond on Monday (23Jun14), revealing the project will begin before the end of the month (Jun14).
He said, "We couldn't be happier that Meg Ryan has chosen Virginia as the location for her directorial debut... We are excited to have the opportunity to work with Meg Ryan and Tom Hanks on this film about an important time in American history."
Ryan will also star opposite Sam Shepard and her son, Jack Quaid.
The film is based on William Saroyan's 1942 book The Human Comedy.
Ryan says, "The welcome we've received from Governor MCAuliffe and the Commonwealth of Virginia has been lovely. We're happily surprised by the cinemagraphic opportunities, the talent of the filmmaking community and the variety of resources at our disposal. We couldn't be more delighted to be here."