Director Sam Mendes (American Beauty) will helm the film, from a script co-written with Krysty Wilson-Cairns (Penny Dreadful).
Neal Street Productions is producing for DreamWorks Pictures and Universal Pictures.
Mendes previously worked with Spielberg’s DreamWorks on his first two films, 1999’s American Beauty and his 2002 follow-up, Road to Perdition, as well as his fourth film Revolutionary Road.
1917 is also looking to repeat some of that Oscar glory, boasting a December 25 release date.