A movie based on the Need for Speed franchise will release in 2014, EA and DreamWorks have announced.

DreamWorks has fast-tracked the project for a 2014 release with a production start date of early next year. The story, developed by brothers George (She's Out of My League) and John Gatins (Dreamer, Real Steel, Flight), is based on the racing game series but not on an individual game. EA will produce the film alongside John Gatins and Mark Sourian. Scott Waugh, of Act of Valor fame, will direct.

EA said the movie will be a "fast-paced, high-octane film rooted in the tradition of the great car culture films of the 70s while being extremely faithful to the spirit of the video game franchise".

"In Need for Speed," EA continued, "the cars are hot, the racing is intense and the story keeps players at the edge of their seat."

EA Labels boss Frank Gibeau said he was "thrilled" to be working with DreamWorks chairman Steven Spielberg. "They are the perfect partner to take Need for Speed to the big screen by creating the exciting action film that we have always envisioned," he said.

EA executive Patrick Soderlund, himself an accomplished driver, had this to say: "It's fantastic to be working with a team that shares not only our love of cars, but also our passion for creating blockbuster action experiences. This collaboration will be greatly enhanced with the team at DreamWorks - which is a great home for the Need for Speed franchise."

Spielberg said: "I'm excited about getting back into the creative trenches with John and George Gatins and my partners at EA to bring to life an exhilarating script based on an epic video game that seems to have been made for the movies.

"This is a big piece of business for DreamWorks and we are grateful to Frank Gibeau, Pat O'Brien, Kevin Maher and John and George for choosing us to deliver their goods."