Tom Hanks and Steven Spielberg look set to reunite for their fourth movie project, a new Cold War thriller. 

The film, which is yet to be named, is based on the true story of attorney James 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.

While Spielberg it yet to officially sign on to direct the movie, it is heavily rumoured to be one of a number of projects he is considering as his next job, according to The Hollywood Reporter.

Spielberg and Hanks have previously worked together on Saving Private Ryan (1998), Catch Me If You Can (2002) and The Terminal (2004), while they have also teamed up behind the scenes and produced critically-acclaimed 2001 mini-series Band of Brothers.