Paulette Jiles' novel, which was published last year to critical acclaim and nominated for a National Book Award, will be transferred onto the big screen by screenwriter Luke Davies who was responsible for the Oscar-winning 'Lion'.
Set in 1870, the novel follows a road trip through the Western territory by two unlikely travelling partners - one is Jefferson Kyle Kidd, a Texan Captain, and the other is a 10-year-old girl who he has to escort back to her family in San Antonio.
The two travelling partners came together after he rescues her from a native tribe that killed her family four years earlier, however, the girl doesn't want to be rescued and refuses to live with people she has no memory of.
Deadline reports Playtone's Gary Goetzman and Hanks are producing with The Danish Girl's Gail Mutrux.
Fox 2000 is reported to be backing the film and the casting of the young girl has yet to be finalised.
Davies has recently adapted the 'Beautiful Boy' from the books by David and Nic Sheff with Felix van Groeningen directing for Amazon Studios.
Hanks, 60, is currently preparing to play editor Ben Bradlee in Steven Spielberg's new untitled Pentagon Papers film alongside Meryl Streep as well as starring in and writing 'Greyhound' - directed by Aaron Schnieder.
Hanks is also reprising the character of cowboy doll Woody for 'Toy Story 4', which is scheduled for a 2019 release, following the critical success of the previous instalment of the Pixar franchise.
It's reported the new addition to the popular franchise follows Woody and Buzz Lightyear (Tim Allen) as they try and find one toy who was given away Bo Peep.