Cruise has been cast in the role of American agent Napoleon Solo, made famous by Robert Vaughn, while Hammer is onboard to play Solo's Soviet sidekick Illya Kuryakin.
The movie has also attracted a big-name director - British filmmaker Guy Ritchie is stepping behind the camera for the project.
The Hollywood reboot of The Man from U.N.C.L.E. was put on the backburner in 2011 after Bradley Cooper walked away from the lead role and Steven Soderbergh quit as the director.
The original show, which ran from 1964 to 1968, focused on the exploits of international spy agency U.N.C.L.E.