The legendary helmer of Spirited Away and Howl's Moving Castle has yet to direct a film since the critical success of 2008's Ponyo, but has been rumoured to have been secretly working on a project for a while.
It had previously been announced that Miyazaki's film would be biographical and "not the sort of work that everyone in the audience can relax and watch".
Anime News Network says that anime director Osamu Kobayashi reported on his Twitter account that Miyazaki's latest work will tell the story of Jiro Horikoshi, the designer of the Zero Fighter.
Horikoshi was an aeronautical engineer who had developed a number of military aircrafts before the Zero Fighter, a Mitsubishi A6M Zero fighter aircraft used by the Japanese Navy during World War II, made him famous.
This tweet prompted animator Takashi Hashimoto to note that Studio Ghibli had recently conducted a widespread search for animators that could draw detailed planes, and that he himself had seen storyboards for the title.
While it will be his first directorial project in four years, Miyazaki wrote the screenplay for the upcoming From Up on Poppy Hill, which is directed by his son Goro. From Up on Poppy Hill will be released in the US in March 2013.
Watch the trailer for Hayao Miyazaki's 2008 film Ponyo below: