Joel and Ethan Coen will pen a draft of the screenplay that tells the true story of James Donovan, a lawyer who was thrust into the centre of the Cold War when he negotiated with the KGB for the release of downed US spy plane pilot Gary Powers.
The Cold War thriller is expected to be Spielberg’s next project, following news he will direct the Big Friendly Giant at the beginning of 2015.
The unnamed film is among a number of projects Steven Spielberg is reported to be considering directing, including sci-fi thriller Robopocalypse and historical drama Montezuma.
Their latest film Inside Llewyn Davis, which they wrote and directed, was nominated for two Oscars earlier this year.
Joel and Ethan Coen have also written the screenplay to forthcoming film Unbroken, directed by Angelina Jolie.