But this time, the Hollywood stars are working together behind the camera instead of onscreen.
The 52-year-old actress is slated to make her directorial debut for the film, Ithaca, which she will also star in.
Meanwhile, Hanks will serve as the executive producer on the flick. The coming-of-age tale is an adaptation of William Saroyan's 1943 novel, The Human Comedy.
Sam Shepard and Melanie Griffith will star in the movie, along with Ryan's son, Jack Quaid.
"Ithaca is a deceptively simple story, by turns stark and lyrical. It's sometimes shockingly unsentimental and yet, by some little miracle, never cynical.
"I am delighted to no end to bring a tale of such vibrancy and heart to the screen," Ryan said in a statement.
The You've Got Mail star isn't the latest to step into the role of director.
Universal Pictures chair Donna Langley shared how Banks' upcoming project came about saying, "Elizabeth originated the idea for Pitch Perfect and was instrumental in making the first film such a huge success."
She added, "She brings an enormous amount of energy and experience to everything she works on and we're thrilled that she is making her feature directorial debut on Pitch Perfect."
Congrats to both hardworking ladies!