The actor - who previously won an Emmy for playing the title role in HBO mini-series John Adams - will play former Russian leader Nikita Khrushchev in the film, reports Variety.
The project will be adapted from the Peter Carlson book K Blows Top, which follows Khruschchev on a two-week tour of the United States.
Hollywood star Tom Hanks will co-produce the film, alongside Paul Bernbaum, Perri Kipperman and David Stern. Bernhbaum, writer of the 2007 Nicholas Cage movie Next, will also write the script.
The project is still in the early stages, with no other cast currently signed.