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The untitled movie is said to be loosely based on his childhood growing up in Arizona, as per Variety.
Spielberg co-wrote the script with Tony Kushner, who previously worked with the director on movies such as Munich and Lincoln.
Though the plot details are scarce at the moment, the film will reportedly focus on the main character as a young child and teen.
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Rogen, who most recently featured in movies such as An American Pickle and The Disaster Artist, will be essaying the role of Spielberg’s favourite uncle in the movie.
Oscar-nominated actor Michelle Williams is in negotiations to join the cast and play a major role.
The project will be Spielberg’s follow-up film to his West Side Story remake, which is expected to release this year.
The film will start shooting later this year with an expectation that it will be released sometime in 2022.
Spielberg will produce the project with Kushner and Kristie Macosko Krieger.