The two, through their respective production companies Appian Way and Playtone, join forces with HBO Films to develop the biopic about former Soviet President Mikhail Gorbachev, reported Aceshowbiz.
The film will chronicle Gorbachev's time as president through the end of the Cold War and the dissolution of the Soviet Union with former "Hell on Wheels" show-runner John Shiban penning the script.
Gorbachev, the first and last President of the Soviet Union, serves as a consultant on the project.
DiCaprio, Hanks, Jennifer Killoran, Gary Goetzman and Keith Addis will executive produce the picture.