Spielberg has yet to officially board the movie, but if he agrees then this will be the fourth collaboration between Hanks and Spielberg, reports femalefirst.co.uk.
The film will chronicle the story of Donovan, who helped to negotiate the release of American spy plane pilot Gary Powers after his aircraft was shot down in 1960 in Soviet Union airspace, during the height of political tensions between the two countries.
The directors have previously worked together on “Saving Private Ryan” (1998), “Catch Me If You Can” (2002) and “The Terminal” (2004).
They also produced critically-acclaimed 2001 mini-series “Band of Brothers”.(IANS)