The biopic, which is based on a book by Chesley Sully Sullenberger and Jeffrey Zaslow, follows Sullenberger (played by Hanks) as he becomes a national hero after safely landing a damaged passenger plane on the Hudson River in 2009.
"Sully" also stars Aaron Eckhart, of "Olympus Has Fallen" fame, as Sully's co-pilot, Jeff Skiles, and Oscar nominee Laura Linney ('The Savages') as Sully's wife, Lorraine Sullenberger.
Todd Komarnicki has written the screenplay of the film.
The project is being produced by Eastwood, Frank Marshall, Allyn Stewart and Tim Moore, with Kipp Nelson serving as executive producer.
"Sully" will be distributed worldwide by Warner Bros Pictures.