The Columbia Pictures film will recall the birth of the hot-rod movement after World War II, The Hollywood Reporter said.
"I've always been intrigued with the culture and music of the postwar period," Favreau told The Reporter. "The birth of hot rodding marked a new chapter in the American dream."
The busy Favreau currently has "Zathura" out in theaters and is writing and producing "Neanderthals" for Sony Pictures Animation. He's also providing his voice for SPA's first feature-length film, "Open Season," The Reporter said.
Favreau shot to stardom writing and appearing in the comedy "Swingers" and repeated the feat with the mob drama "Made." He also directed Will Ferrell's hit "Elf."