Hanks, 57, is apparently attached to play the lead role in an untitled Cold War movie that Spielberg is eyeing to direct for DreamWorks, reported Ace Showbiz.
The historical flick is based on the true story of American attorney, James Donovan, enlisted by CIA during the Cold War to negotiate the release of a pilot who was captured after his U-2 spy plane was shot down over Russia.
Matt Charman writes the script, and Marc Platt will produce with Spielberg.
They also joined forces to produce critically-acclaimed 2001 mini-series "Band of Brothers".