Tom Cruise, ‘Oblivion’ Director Joseph Kosinski to Reteam for Fox’s ‘Go Like Hell’ (Exclusive)

The movie chronicles automaker Henry Ford II’s rivalry with Enzo Ferrari

[Update: An earlier version of this story claimed that Tom Cruise was circling the role of Henry Ford II rather than Carroll Shelby.]

Tom Cruise and “Oblivion” director Joseph Kosinski are planning to reteam for the racing movie “Go Like Hell,” multiple individuals familiar with the 20th Century Fox project have told TheWrap.

The film is based on A.J. Baime’s book “Go Like Hell: Ford, Ferrari, and Their Battle for Speed and Glory at Le Mans.”

While there are no deals in place yet for Cruise or Kosinski, the duo are in talks to develop “Go Like Hell” as a starring vehicle for Cruise.

Also Read: Tom Cruise’s ‘Mission: Impossible 5’ to Be Directed by Chris McQuarrie

Story is set in the early 1960s when the Ford Motor Company was falling behind in the sports car marketplace, with baby boomers preferring to buy fast, stylish automobiles rather than safe, comfortable vehicles.

The book follows Henry Ford II, who with the help of young visionary Lee Iacocca and former racing champion-turned-engineer Carroll Shelby, concocted a scheme to reinvent the Ford company by entering the high-stakes world of European car racing, which had been dominated by Enzo Ferrari up until then.

The trio set out to design, build and race a car that could beat Ferrari at his own game at the world’s most prestigious and dangerous race — Le Mans.

Cruise has his eye on the role of Shelby, according to an individual familiar with the project.

Also Read: ‘Oblivion’s’ Joseph Kosinski to Direct Action-Thriller for ‘Elysium’ Producer MRC

Jason Keller wrote a draft of the script back when Michael Mann was developing the project. Paramount has been developing its own version of the story as it owns Shelby’s life rights, as well as a script originally written by Lisa Schrager.

Cruise and Kosinski are coming off of “Oblivion,” which grossed $286 million worldwide. Cruise will first shoot “Mission: Impossible 5” with frequent collaborator Christopher McQuarrie. The actor knows his way around the race track, having starred in Tony Scott’s 1990 action-drama “Days of Thunder.”

Cruise next stars in Doug Liman’s “Edge of Tomorrow,” which Warner Bros. will release June 6. He’s represented by CAA and Greenberg Glusker.