The actor and the director are reportedly re-teaming, for the fourth time, in a cold war thriller based on the true story of attorney James Donovan.
Tom Hanks and Steven Spielberg are set to collaborate once again.
The successful duo are reportedly partnering up for a fourth time for an untitled Cold War thriller.
The forthcoming movie's screenplay will be penned by screenwriter Matt Charman and be produced by Marc Platt, according to The Hollywood Reporter.
The plot depicts the true story of James Donovan, who was an attorney hired by the CIA to negotiate the release of downed U2 pilot Gary Powers.
According to The Wrap, Hanks is attached to star as Donovan.
If the Hollywood pair both agree to work on the film, this would be their forth project together after working on the hugely successful flicks, 'Saving Private Ryan,' 'Catch Me If You Can' and 'The Terminal.'
Furthermore, they have also collaborated with each other when Hanks has a role behind the camera, they produced the acclaimed HBO miniseries' 'Band of Brothers' and 'The Pacific'.
Spielberg and Hanks are close friends outside of the movie and television industry as well, their families have often vacationed together.
This report comes just after the 67 year-old filmmaker has signed on to produce the religious drama 'The Kidnapping of Edgardo Mortara.'
This will also reunite Spielberg with another frequent collaborator, the writer of 2005's 'Munich' and 2012's 'Lincoln, screenwriter Tony Kushner, who is writing the script based on David Kertzer's book of the same name.
The film will centre on the Jewish priest Edgardo Mortara, who was removed from his home by authorities of the Papal States and raised as a Catholic. He subsequently went on to become a priest.