The film will revolve around the role of The Washington Post in publishing the infamous study about America's accountability in the Vietnam War, according to The Hollywood Reporter.
While Hanks, 60, will portray the role of Post editor Ben Bradlee, Streep, 67, will play publisher Kay Graham.
"The Post" marks the first collaboration between the legendary actors.
Streep and Spielberg, 70, have previously worked together on "A I", while Hanks and the director have collaborated on a number of projects, most recent being "Bridge of Spies", among others.
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