Steven Spielberg is to direct 'Ready Player One'.

The 68-year-old film-maker, who's previously directed iconic movies such as 'Jaws', 'Jurassic Park' and 'E.T. the Extra-Terrestrial', has agreed to helm the much-anticipated project based on the popular sci-fi book by Ernest Cline, which is set in a virtual world.

'Ready Player One' marks Spielberg's return to the Warner Bros. studio after a 14-year absence and Greg Silverman, the studio's president of creative development and worldwide production, is delighted to welcome him back.

He said: ''We are thrilled to welcome Steven back to Warner Bros.

''We had an historic series of collaborations in the 1980s and 1990s and have wanted to bring him back for years. As for 'Ready Player One', we have always felt that Steven was the dream director for this project.''

Interestingly, Spielberg and some of his films - including 'E.T.' and the 'Indiana Jones' franchise - are mentioned in the 2011 book.

Meanwhile, it was recently reported that Warner Bros. are also working on a deal that will see Spielberg and Oscar-winning actress Jennifer Lawrence collaborate on a new biopic.

The duo are wanted for the film titled 'It's What I Do: A Photographer's Life Of Love And War', which is based on a memoir by Lynsey Addario and has been excerpted by The New York Times Magazine