By Maria Myka (media@latinospost.com) | First Posted: Apr 22, 2014 10:47 PM EDT

It was just a few days ago that DreamWorks announced its partnership with The Weinstein Co. for a period drama that tags a veteran director behind the camera. And it seems like it will star an Academy Award-winning actor as well.

Sixteen years after they teamed up for "Saving Private Ryan," director Steven Spielberg and award-winning actor Tom Hanks find their way to another war movie, and this time, it's a cold one.

Penned by Matt Charman, and produced with Marc Platt, the Hollywood Reporter said that the still untitled project is based on the story of Attorney James Donovan, a Cold War hero who helped negotiate the release of Gary Powers, an American spy plane pilot, after his plane was shot in Soviet Union in 1960. The story is set during the height of the political tension between the Soviets and the United States, and Hanks is tagged to play Donovan. Spielberg, however, has not yet confirmed his involvement as the director of the new war drama.

According to The New York Daily,  the duo have worked together in other projects, including "Saving Private Ryan" in 1998, "Catch Me If You Can" in 2002, and "The Terminal" in 2004. They also co-produced HBO's critically acclaimed WWII mini-series "The Pacific", as well as "Band of Brothers".

Besides the Cold War movie, Spielberg is looking at other film possibilities, including a epic sci-fi film, "Robopocalypse", and a historical drama called "Montezuma", which is about the Spanish conquistador,  Hernan Cortes.

All of these projects, however, are still not written in stone, as the director has not committed to any new projects since American Sniper last year, which he dropped out of.

Hanks, on the other hand, is currently shooting "A Hologram for the King", an indie film based on a novel by Dave Eggers.

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