The live-action film will be based on the fantastical tale of a Big Friendly Giant who befriends a young orphan girl. Dahl's book, illustrated by Quentin Blake, was first published in 1982, according to The Hollywood Reporter.
DreamWorks acquired the book in 2011 with Kathleen Kennedy and Frank Marshall as producers. Various directors have been attached to the project over the years, including John Madden and Chris Columbus.
Melissa Mathison, who penned the script for 'ET', has written the screenplay. Marshall will produce with Michael Siegel on board as executive producer along with Madden.
Spielberg, who dropped out of 'American Sniper' last year, has not directed a movie since 2012's 'Lincoln'.