The Hollywood Reporter reported Spielberg will direct the 60-year-old actor and 67-year-old actress in the forthcoming movie, which recounts the Washington Post's role in publishing the Pentagon Papers.
Hanks and Streep will play Washington Post editor Ben Bradlee and publisher Kay Graham, respectively. The Pentagon Papers was a government study about U.S. involvement in the Vietnam War that Bradlee and Graham fought to make public in 1971.
Spielberg will also produce with Amy Pascal and Kristie Macosko Krieger, with Rachel O'Connor, Adam Somner and Tim and Trevor White as executive producers, according to Deadline. Fox and Spielberg's Amblin Entertainment will co-finance the project.
Hanks has collaborated with Spielberg on several other films, including Saving Private Ryan, while Streep worked with the director on A.I. The actress will narrate the Netflix documentary Five Came Back, which Spielberg is executive producing.
Spielberg will next release an adaptation of the Ernest Cline novel Ready Player One starring Tye Sheridan. Hanks will star in The Circle with Emma Watson, while Streep is slated for Mary Poppins Returns with Emily Blunt.