The film will start shooting in September in Berlin and New York with Fox and DreamWorks co-financing. The US release has been set for October 16, 2015, reported Variety.
Joel and Ethan Coen are writing the script for the project which is based on the true story of James Donovan, whom Hanks will portray.
Donovan was the American attorney enlisted by the CIA during the Cold War to surreptitiously negotiate the 1962 release of Francis Gary Powers, the U2 spy plane pilot who had been shot down over Russia two years earlier.
Spielberg and Hanks have previously worked together on 'Saving Private Ryan', 'Catch Me If You Can' and 'The Terminal'.
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