Rylance, known for his stage work in Jerusalem, Twelfth Night, Richard III, Boeing Boeing and La Bete, is currently starring in Spielberg's untitled Cold War spy thriller. He will also star in the upcoming BBC adaptation of "Wolf Hall."

Filming on "BFG" will begin in early 2015 with a July 1, 2016, U.S. theatrical release planned. It will be released in the U.K. July 22, 2016.

"Originally published in 1982, The 'BFG' follows young orphan Sophie, her new friend The Big Friendly Giant and even the Queen of England, as they set out to capture the evil, man-eating giants who have been invading the human world."

"As I witnessed on stage, Mark Rylance is a transformational actor," Spielberg said in a statement. "I am excited and thrilled that Mark will be making this journey with us to Giant Country. Everything about his career so far is about making the courageous choice and I'm honored he has chosen 'The BFG' as his next big screen performance."