The Rain Man actor will step behind the camera to direct Quartet, a comedy set in a home for retired opera singers, which will also include Billy Connolly, Pauline Collins and Tom Courtenay in the cast.
Movie mogul Harvey Weinstein jokes he "decided to give an up-and-coming first-timer a chance" by hiring Hoffman after snapping up the film rights.
Weinstein adds, "We're excited to be working with Dustin on his directorial debut."
Hoffman will also serve as executive producer, according to The Hollywood Reporter.
In 1978, Hoffman planned to direct his movie Straight Time but changed his mind several days into the shoot and hired Ulu Grosbard instead.