The veteran helmer's DreamWorks company has teamed up with 20th Century Fox for the offbeat film, which centres on a man called Elwood P. Dowd and his friendship with an imagined six-foot tall rabbit.
Spielberg will produce Harvey alongside Don Gregory, Elizabeth Gabler and Carla Hacken. Novelist Jonathan Tropper penned the screenplay.
"I am very happy to be working again with my friend Tom Rothman [Fox co-chairman] who shepherded us through Minority Report, and with Elizabeth and Carla, who I'm looking forward to collaborating with," Spielberg said.
"DreamWorks has experienced a creative and profitable relationship with 20th Century Fox in the past, and I look forward to renewing that time together."
Rothman added: "Steven Spielberg is film's greatest humanist. And we feel blessed as Elwood himself to be collaborating with him and everyone at DreamWorks."
Harvey debuted on Broadway in 1944, winning the Pultizer Prize the same year. It ran until 1949 and was turned into a 1950 feature film starring Jimmy Stewart and Josephine Hull.