The film, to be directed by Anne Fletcher, is penned by Dan Fogelman, who based the script on his own experiences with his mother.
The story follows an inventor (Rogen) who travels cross-country with his overbearing mother (Streisand) as he tries to sell his new product while also reuniting his mother with a lost love.
Hanks will play the husband to actress Yvonne Strahovski, Rogen's high school sweetheart. When Rogen and Streisand are caught in a blizzard in the middle of their trip, Hanks and Strahovski allow the two to crash at their house.
The film is produced by Paramount and Skydance Productions and is set for a 2012 release.
Hanks won the Theatre World Award in 2009 for his work in 33 Variations and has recently signed on for the sixth season of Showtime's "Dexter." Streisand has been seen on Broadway in Funny Girl and I Can Get it for You Wholesale.
Rogen is best known for his film work in "The 40-Year-Old Virgin" and "Knocked Up," and Fletcher was associate choreographer on the 2007 musical remake of "Hairspray."