The indie drama is to be entitled Parkland, which refers to the hospital - Parkland Memorial Hospital - where Kennedy was taken and ultimately pronounced dead.
Hanks will produce alongside Gary Goetzman, with whom he co-founded his Playtone production company.
Parkland is described as an ensemble drama, which will explore several individuals' perspective of the events of November 22, 1963.
These characters will include an FBI agent, a reporter, a young doctor, several Secret Service agents, Kennedy's staff, Jackie Kennedy, and assassin Lee Harvey Oswald's older brother.
Scribe Peter Landesman will make his directorial debut on the film.
Hanks is also producing Wentworth Miller's upcoming adaptation of bestseller The Story of Edgar Sawtelle.
His next acting role will be alongside Halle Berry, Hugh Grant and Susan Sarandon in Tom Tykwer and the Wachowski brothers' adaptation of Cloud Atlas.
Watch Hanks discussing 2011's Larry Crowne with Digital Spy below: