The 51-year-old star and the 'Tron' helmer are currently negotiating with Fox studios for 'Go Like Hell' which is based on AJ Baime's book of the same name, reported Deadline.
Cruise will play an American automotive designer Shelby, who teams with Ford executives to change the image of the brand and aims to compete in European car racing.
The project is in the early development stages and the studio is hoping to finalise the script and begin shooting next year.
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