The film is being produced by Paramount Pictures, reports variety.com.
Screenwriter Akiva Goldsman, who has worked with Hanks on "The Da Vinci Code" and "Angels & Demons", is on board to adapt the script from a short story about the character from Pulitzer Prize winner Michael Chabon.
"Major Matt Mason" is about an astronaut who lives and works on the moon. The toy's popularity coincided with America's own space race in the 1960s. There are lots of supporting characters like a space crew, alien allies and villains.
Besides Paramount, the project will be produced by Mattel Films.
At present, Hanks is excited about Marielle Heller's "A Beautiful Day in the Neighbourhood", which had its world premiere at the Toronto International Film Festival on Saturday.