Tom Cruise is returning to the world of auto racing for the first time since 1990’s “Days of Thunder,” reteaming with “Oblivion” director Joseph Kosinski on “Go Like Hell” for Fox.

Cruise and Kosinski are in talks with the studio, and their deals have not been finalized. Alex Young and Lucas Foster are producing “Go Like Hell.”

The story centers on the battle between Ford and Ferrari for dominance in the sports car marketplace. The project is based on A.J. Baime’s book “Go Like Hell: Ford, Ferrari, and their Battle For Speed and Glory at Le Mans,” which recaps Ford’s successful 1966 challenge to Ferrari with a car designed by Carroll Shelby.

Cruise would portray Shelby, who teamed with Henry Ford II and Ford executive Lee Iacocca to change the image of the Ford brand by making a splash in European car racing, which had been dominated by Ferrari cars.

The trio developed the Ford GT40, which became the first American car to win the 24 Hours of Le Mans and went on to win four years running.

The book was published by Houghton Mifflin Harcourt in 2009.

Fox has been developing the project since 2011. Michael Mann was attached to direct at that point and the studio had been  looking at Brad Pitt as a prospect for a lead role.

SEE ALSO: Fox, Mann rev up ‘Go Like Hell’

“Oblivion” grossed $286 million worldwide earlier this year.

Cruise officially signed on in May to the next installment of Paramount and Skydance’s “Mission: Impossible” franchise. Christopher McQuarrie came on to direct in August.

The actor will be seen next in Warner Bros. sci-fier “Edge of Tomorrow,” due out June 6.

CAA represents Cruise and Verve reps Kosinski.

The Wrap.com website first reported the news.