The play Stories About McAlary, written by the Forrest Gump star's You've Got Mail and Sleepless in Seattle director Nora Ephron, centres on the life of the Pulitzer Prize-winning journalist and his coverage of the Abner Louima trial.
McAlary was a New York Daily News journalist when he wrote his expose of the New York Police Department officers who assaulted and sodomised Haitian security guard Louima in 1997.
Hanks has yet to commit to the production, which will be directed by Mike Nichols, but if he signs on it will be his first Broadway role since 1979.
As reported previously on BroadwayWorld.com, Hugh Jackman played McAlary during a reading in New York two years ago (Jun10).
Hanks has also reportedly signed on to play movie icon Walt Disney in a new film about the filmmaker's 20-year battle to secure the rights to make Mary Poppins from author P.L. Travers.