The book, illustrated by Quentin Blake, was first published in 1982 and follows a young orphan girl who befriends a Big Friendly Giant. The live-action film will be based on that story, which was adapted for the screen by Melissa Mathison, screenwriter of E.T.
This will be the second adaptation of the book, the first being a 1989 animated made-for-TV movie in the U.K.
According to THR, Spielberg has committed to an early 2015 start for the adaptation.
[Image credit: Getty]