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The Hollywood star will continue his long collaboration with Ephron that has included "Sleepless in Seattle" in 1993 and "You've Got Mail" in 1998. Ephron died in June at the age of 71 of complications from leukemia.
Based on a true story, "Lucky Guy" opens in April next year, the statement said, and dramatizes the rise and fall of former tabloid columnist Mike McAlary as he covers the police scandals of a polarized, crime-ridden 1980s New York. McAlary died aged 41 in 1998.
Hanks, 56, has won two best actor Oscars for his performances in "Philadelphia" and "Forrest Gump" and is known for other popular films, but his stage acting has been limited to small Shakespeare productions in the 1970s.
Ephron started as a tabloid reporter before becoming known as a writer of essays, books and screenplays. She penned romantic comedies such as 1989's "When Harry Met Sally", and wrote and directed 2009's "Julie & Julia".
"Lucky Guy" is billed as a drama with touches of her famed acerbic tone.
Her first Broadway play, "Imaginary Friends", was produced in 2002 and starred Cherry Jones and Swoosie Kurtz. The play was largely panned by critics.
She also co-authored "Love, Loss, and What I Wore" with her sister Delia, which was performed Off-Broadway to positive reviews in 2009 and enjoyed a long run followed by a national tour.
(Reporting by Andrea Burzynski; Editing by Christine Kearney and Dale Hudson)
