An adaptation of Ernest Cline's novel, the story is set in a virtual world called Oasis and revolves around a teenager, who finds himself competing in a treasure hunt against ruthless foes after the game's founder dies and offers his fortune as the grand prize.
Screenwriter Zak Penn has adapted the novel, according to The Hollywood Reporter.
Spielberg, Donald De Line and Dan Fara are producing the film.
The project, backed by Warner Bros, was originally brought to the Studio by De Line and Farah.
Spielberg, 68, was roped in to direct the film in March.
