The film will be based on Felt's upcoming book, "A G-Man's Life: The FBI, Being 'Deep Throat' and the Struggle for Honor in Washington." Hopefully the film will have a shorter title, but Deep Throat is already taken. Hanks' production company Playtone Productions are set to produce the feature according to Varity.

There is speculation that Hanks may star in the film after he wraps production on his current film, an adaptation of Dan Brown's "The Da Vinci Code". Hanks stars in that film with Ron Howard directing.

"Deep Throat" became a cult figure when Woodward and Bernstein used the moniker in their best selling book, "All The Presidents Men", about their Watergate investigation. Actor Hal Holbrook brought the character to life in the hit movie based on the book. And speculating about the identity of Deep Throat quickly became a cottage industry, with Woodward and Bernstein keeping a tight lid on the mystery for 3 decades.

The name Deep Throat, was taken from the controversial film of the time, as the alias for the insider that was leaking them information about the government investigation and White House cover-up, for a series of articles in the Washington Post that elevated the break-in at the Democratic National Committee office at the Watergate Hotel from a small story to headlines, which led eventually to Congressional Impeachment hearings and the ultimate resignation of President Richard Nixon.