Hathaway will play Gloria, an ordinary woman who, after losing her job and her fiance, decides to leave her life in New York to move back to her hometown, said The Hollywood Reporter.
But when news reports surface that a giant lizard is destroying the city of Tokyo, Gloria gradually comes to realise that she is strangely connected to these far-off events via the power of her mind.
"Colossal is my most ambitious script so far, and probably also the most personal one. Having Anne and this terrific team around goes beyond my craziest expectations," Vigalondo said.