The new project will take place in 1986 during Reagan’s presidency, when he was negotiating nuclear arms control with former Soviet leader, Mikhail Gorbachev.
During an interview with the Hollywood Reporter, Scott said, "I want to show who they were and why they did what they did."
"Their actions helped shape history, paving the way for the end of the Cold War," said Sir Ridley, who reportedly plans to release the film in 2009.
Among other things, Ridley plans to show the summit between the two men that took place in Reykjavik, Iceland. A visit to the actual site has already taken place by Scott and his crew.
For now, Ridley Scott’s last film, American Gangster, was nominated for two Oscar awards. He will soon be releasing the film Body of Lies. The thriller follows a journalist who is in pursuit of the men in control of Al-Qaeda.