The Transformers, the shape-changing robot toys that were a craze in the 1980s, are to be made into a live-action film by studio Dreamworks.
Spielberg is one of the founders of Dreamworks
The Steven Spielberg-founded studio plans a summer of 2006 release.
"Steven and everyone at Dreamworks are very excited about the prospect of expanding the world of Transformers," a Dreamworks statement said.
"The possibilities for a thrilling action adventure are virtually endless," the studio said.
The Transformers were, alongside the Cabbage Patch Dolls and the Teenage Mutant Ninja Turtles, one of the toy crazes of the 1980s.
The two robot factions - one good evil - could disguise themselves as everything from trucks to fighter jets.
The toys sparked a successful cartoon series in the US.
Spielberg recently announced he would be teaming up with veteran actor Clint Eastwood to make a film about Iwo Jima, one of the last major battles in the Pacific in World War II.
He is also making a film remake of HG Wells' sci-fi classic War of the Worlds in co-operation with actor Tom Cruise.
He is also planning to make a film about the kidnap and murder of 11 Israeli athletes at the 1972 Olympics.