The "Cast Away" star will team up with Gary Goetzman, who produced Hanks' "That Thing You Do!", to document one of the most shocking events in American history, when Kennedy was shot dead in Texas by Lee Harvey Oswald on 22 November, 1963, reported Contactmusic.
The project has been named 'Parkland', in reference to Dallas medical centre Parkland Memorial Hospital, where the leader was officially pronounced dead.
It will feature an ensemble cast and examine how the fateful day played out in the eyes of a reporter, a young doctor, the politician's staff and his wife Jackie Kennedy Onassis, as well as Oswald's brother.
A release date for the independent film has not yet been set.