It will be based on the true story of James Donovan, a US lawyer recruited by the CIA to negotiate the release of a pilot shot down over Russia in 1960.
The Coens, best known for Fargo and No Country For Old Men, will write a new draft of the script, originally by British playwright Matt Charman.
It's the first time the duo have made a film with both Spielberg and Hanks.
However, Hanks starred in their 2004 remake of The Ladykillers; while Spielberg was an executive producer on their Western, True Grit, in 2010.
The four stars have 10 Oscars between them.
Joel and Ethan Coen's most recent film is Inside Llewelyn Davis. However, they are also known to write scripts on projects they are not directing, including the critically-panned Gambit - starring Colin Firth - and the forthcoming Angelina Jolie film, Unbroken.
Spielberg is believed to have several projects in the pipeline, including Roald Dahl adaptation The BFG, which is due to begin shooting in January 2015.
The new thriller will be his fourth film collaboration with Hanks, with whom he previously worked on The Terminal, Saving Private Ryan and Catch Me If You Can.
Charman, who wrote the first version of the screenplay, is best known for The Machine - a play about chess master Gary Kasparov's infamous match against the computer program Deep Blue.