Offers have gone out to the actors from Warner Bros. and Paramount, which would jointly release the movie, to be produced by Scott Rudin, says the trade paper.
Lined up to direct is Stephen Daldry, whose The Reader won a Best Actress Oscar for Kate Winslet. The script, by Oscar winner Eric Roth (Forrest Gump), is based on the 2005 Jonathan Safran Foer novel about a 9-year-old, Oskar Schell, who's lost his father in the 9/11 attacks.
The boy searches all over Manhattan for a lock to match the key he's found in a vase that belonged to his dad.
Double Oscar winner Hanks, most recently heard as the voice of Woody the cowboy in this summer's Disney-Pixar smash Toy Story 3, will next be seen opposite his Charlie Wilson's War costar, Julia Roberts, in Larry Crowne – which Hanks also directed and produced.
Bryan Cranston, Cedric the Entertainer, Nia Vardalos and Wilmer Valderrama also costar in the comedy-drama, which is to be released next year.