Warner Bros boss Toby Emmerich confirmed the news, saying that the studio "can't wait" to have him on board.
Blackhawk is a character who led an global squadron of fighter pilots against the Axis powers during World War II.
The director's recent science fiction film, Ready Player One, was also a joint venture of the same production houses.
Spielberg most recently directed "Ready Player One" for Warner Bros., which has so far grossed $476 million worldwide following its release late last month. 'They bring a blend of passion and professionalism to everything they do and have a tremendous history in this genre'.
Spielberg, meanwhile, has agreed to develop and produce Blackhawk, though WB is said to be angling it as a potential directing vehicle. The property was created by Chuck Cuidera with input by Bob Powell and Will Eisner himself.
Warner Bros. did not announce whether Blackhawks will be produced under the DC Films banner.
DC revealed Spielberg is meant to direct Blackhawk, with Jurassic Park writer David Koepp on board to write the screenplay.
One thing which is quite surprising though about the current glut of top quality comic book films is that big-name directors direct very few of them.
According to a new report from the Hollywood Reporter earlier today, the renowned filmmaker will not only produce the project but could also sit for direction. A Spielberg comic book film - now that is something to get even more excited about.
As always, Spielberg is going to be a very busy man in the coming years because he's attached to direct Indiana Jones 5 next and he's also developing a remake of West Side Story.
The award-winning movie-maker - who has helmed hits such as "Jaws", "Indiana Jones and the Raiders of the Lost Ark" and "E.T. the Extra-Terrestrial" - has won the race to the landmark figure.
Blackhawk debuted in 1941, and became a DC property in 1957.
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