Steven Spielberg has signed onto direct a new project that will see the big-screen adaptation of Roald Dahl's children's book 'The BFG.'

The forthcoming live-action flick will follow the Big Friendly Giant as he becomes friends with a young orphan girl.

The original book, which was illustrated by Quentin Blake, was first published in 1982, and it was an expansion of an earlier story recalled in 'Danny, the Champion of the World'.

According to The Hollywood Reporter, Spielberg has agreed to begin working on the DreamWorks production in 2015, with a release date slated for 2016.

The film studio acquired the fantasy tale in 2011, and have Kathleen Kennedy and Frank Marshall attached as producers.

The screenplay has already been written by Melissa Mathison, the author of the script for E.T.

The book was previously adapted in 1989 into an animation film for British TV.

This isn't the only big announcement Spielberg has been part of recently, the Oscar-winning filmmaker is scheduled to reunite with Tom Hanks in a cold war thriller based on the true story of attorney James Donovan.

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The 67 year-old has also signed on to produce the religious drama, an adaptation of the David Kertzer novel, 'The Kidnapping of Edgardo Mortara.'

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A source close to the situation told THR the reason behind this outbreak of recent announcements is to squash "the perception that [Spielberg] is out of business with [DreamWorks CEO] Stacey Snider going to Fox and Dreamworks as we know it going away." Snider is expected to take a high level role in the creative department within Fox Film Studios, which calls into question the future of DreamWorks.

Steven Spielberg  
Spielberg will direct the live-action adaptation of 'The BFG' in 2015