Tom Cruise feels the need, the need for speed again

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Tom Cruise is headed back to the pits for “Go Like Hell”, a new racing drama hatched by “Oblivion” helmer Joseph Kosinski.

The film, set up at Fox, returns Cruise to speed racer terrain, where he last seen in 1990′s “Days of Thunder” directed by the late Tony Scott.

Deadline says it’s based on an A.J Baime book called “Battle for Speed and Glory”, which fixes on the battle between Ford and Ferrari for dominance in the sports car marketplace – so no flags and Daytona or this time around.

The book tells the story of the decision by Henry Ford II to go against Enzo Ferrari’s dominance on the Le Mans track in 1966. Ford challenged Ferrari with a car designed by racer-turned-car designer Carroll Shelby. It plays out like The Right Stuff on the race track as Ford was able to turn around its fortunes in the sports-car marketplace, elevating the automaker’s fortunes under Lee Iacocca. This is early days, but it’s a cool project.

Jason Keller is amongst the credited writers on the project, which is said to still be in it’s early formative stages.

With Cruise’s dance card always pretty full, this one could go either way – but it does sound like a goodie.