Steven Spielberg is set to direct an live-action adaption of the book "BFG" by Roald Dahl, The Hollywood Reporter said.

The much-cherished novel, published in 1982, features a young orphan girl that befriends a Big Friendly Giant. Together with the Queen of England, they set out to save London from an army of man-eating giants with a particular taste for little children.

The movie, which is being produced by DreamWorks, was acquired in 2011 by Kathleen Kennedy and Frank Marshall. Since then, the film has remained shelved and has been associated with numerous directors, including John Madden, who will instead assume the role of an executive producer after committing to the sequel of "The Best Exotic Marigold Hotel." Marshall will also be producing, along with Michael Siegal, as Kennedy has moved on to produce the new Star Wars films.

"E.T." writer Melissa Mathison penned the screenplay.

This will be one Spielberg's first projects since 2012's Lincoln. The director was originally attached to direct "American Sniper" but has since left the project and been replaced with Clint Eastwood.

However, "BFG" may not be the next Spielberg movie to hit theaters. Spielberg has also committed to an untitled Cold War film starring Tom Hanks and reports indicate that he may be looking to finish that project before "BFG."

Spielberg also has several other potential projects on his plate, including an adaptation of the novel "The Kidnapping of Edgardo Mortara," a sci-fi film titled "Robopocalypse," and the historical drama "Montezuma."

Spielberg is looking to begin production of "BFG" in 2015 with a targeted 2016 release date.