When the best actor of his generation unites with the pioneering director/visionary, the results would be explosive. Tom Hanks and Steven Spielberg have made three movies, but most them were rather underwhelming. Now they plan to have another project.

Their first union, "Saving Private Ryan" an epic war film that was favored to win the Best Picture Award at the 71^st Academy Awards in what is considered to be the greatest Oscar mistake in history. The next project, "Catch Me If You Can" also featured Leonardo diCaprio and was rather underwhelming considering its cast.

The last Spielberg-Hanks reunion was the most disappointing. "The Terminal" was supposed to be a human drama about a man trapped in an airport when his country of origin ceased to exist. It was both a critical and box office failure.

Now, they are reportedly teaming up for an untitled spy thriller which is set during the Cold War.

Details of the project from The Hollywood Reporter: "..written by Matt Charman and produced by Marc Platt.  It tells the true story of James Donovan, an attorney who was thrust into the center of the Cold War when he negotiated the release of downed U-2 spy plane pilot Gary Powers. Hanks' attachment gives momentum to the project, which was set up last year."

If the two Hollywood giants agree to take on the project, there will be some schedule concerns to consider. Spielberg has his hands full, as stated in Moviefone: "(The project) joins 'Montezuma,' 'Robopocalypse,' and the just-announced religious drama 'The Kidnapping of Eduardo Mortara' in the list of potential Spielberg directorial projects following his sleepy 2012 Oscar winner 'Lincoln.'"

Meanwhile, Tom Hanks will probably take this film as his next outing. The two-time Academy Awardee for Best Actor had two major films in 2013 that had a chance to give him his third Best Actor award, "Captain Phillips" and "Saving Mr. Banks."