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Disney signs on for Steven Spielberg's The BFG ...making it the first ever movie he's directed for the studio

Published: 18:48 EST, 13 April 2015 | Updated: 09:06 EST, 14 April 2015

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He has never directed a Disney movie although he has certainly produced many.

But all that changed on Monday when the Mouse House announced it had agreed to co-finance and co-produce The BFG, directed by Steven Spielberg, according to Variety.

The stellar cast includes three-time Tony Award winner Mark Rylance who will play the titular BFG, aka Big Friendly Giant, based on author Roald Dahl's iconic children's book.

It's never too late: Steven Spielberg, 68, is set to direct his first Disney movie after the Mouse House announced on Monday it had joined his production of The BFG, based on Roald Dahl's iconic children's book

Top-tier treatment: The screenplay is being written by Melissa Mathison, who worked with Steven on E.T. The Extra-Terrestrial

Young newcomer Ruby Barnhill stars as little Sophie who teams up with the BFG to beat evil, man-eating giants.

She joins Bill Hader, Jemaine Clement, Rebecca Hall and Penelope Wilton with Martin Freeman also rumoured to be involved.

'In more than 40 years of making movies, I have been on the producing end of a number of films for The Walt Disney Company, but never as a director,' Steven, 68, said in a statement.

'It is a special joy to be in the director's chair as we start The BFG, alongside my long-time friends and film collaborators Kathy Kennedy, who introduced me to this project, Frank Marshall and Melissa Mathison. Together with them and Disney, there are many reasons why I am so excited about this joint venture.'

Disney was equally upbeat about the project, with Disney Studios chairman Alan Horn saying: 'With Steven Spielberg at the helm, The BFG will undoubtedly capture the minds of children and adults alike as Roald Dahl's original stories and many of Steven's own films have done for decades.

'The team at Disney has tremendous respect for the filmmakers, and we're thrilled to join with them to make what will be a spectacular picture.'

The screenplay is being written by Melissa Mathison, who worked with Steven on E.T. The Extra-Terrestrial.

That's a big role! The BFG is set to be played by stage and screen actor Mark Rylance

On a roll: SNL's Bill Hader - who is also part of the cast - arrived at Canada's Vancouver International Airport on March 31 where production has already begun

DreamWorks acquired movie rights to the book in 2010 and production is underway in Vancouver, Canada.

'This partnership speaks to the spirit of storytelling and the kinds of movies that we make here,' DreamWorks Studios CEO Michael Wright said. 'We couldn't be more excited to be working with Disney in this expanded capacity on The BFG.'

The movie is due to be released on July 1, 2016, in the US and July 22 in the UK, just two months before the 100th anniversary of the author's birth on September 13, 1916.