Hanks, who is the son of Tom Hanks and Samantha Lewes, will appear alongside Ari Graynor, Ann-Margret and Jeffrey Tambor in the project.
Written by Saturday Night Live's Kent Sublette, the movie focuses on a killer (Hanks) who wins the lottery and decides to pursue his lifelong crush.
Hanks's credits include The O.C., King Kong and playing Father John Gill in Mad Men.
Gil Cates Jr is directing. Shooting starts next week in Iowa.