The Mercedes driver, who hasn't enjoyed the best of starts to the 2022 F1 season, will have an influential role in the feature, alongside Jerry Bruckheimer.
The film, which is currently untitled, will feature Pitt as an ex-driver coming out of retirement to join a younger member of the team, in a bid to compete with the best in the competition.
It remains to be seen whether Hamilton will feature in the film, having previously made appearances (or voiceovers) in Cars 2, Cars 3 and Zoolander 2, as well as Call of Duty: Infinite Warfare.
The seven-time F1 champion was also an executive producer on the 2018 documentary film The Game Changers, which featured a UFC star switching to veganism.
As for Pitt, he has a keen interest in motorsport and waved the start flag at the 2016 running of the 24 Hours of Le Mans.
He was also originally involved in a Formula 1 film which turned out to be Oscar-winning movie 'Ford vs Ferrari', eventually fronted by Matt Damon.
'Top Gun: Maverick' director Joseph Kosinski and screenplay writer Ehren Kruger will also work on the film alongside Hamilton.
For now, though, Hamilton will have his sights on getting back to winning Grands Prix.
This weekend he will be hoping to have a successful race in Azerbaijan after recent improvements.
The Grand Prix Iin Baku is another chance for Hamilton to catch up to frontrunners Max Verstappen, Sergio Perez, and Charles Leclerc.