Motion picture company DreamWorks Studios has acquired the feature film rights to EA's Need for Speed racing franchise, and plans to release a movie based on the series sometime in 2014.

Movie producers George (She's Out of My League) and John Gatins (Real Steel) are developing an original story for the film with a screenplay based on the game series.

Scott Waugh (Act of Valor) is set to direct the film, which is currently being fast-tracked by DreamWorks such that production will start early next year.

The movie will capture the spirit of the video game franchise, said DreamWorks in a statement, while rooting itself in the tradition of car culture films of the 70s.

Veteran film director and DreamWorks co-founder Steven Spielberg said that the franchise was "made for the movies," adding, "This is a big piece of business for DreamWorks."

The Need for Speed franchise started back in 1994, and has since seen around 20 releases across multiple platforms, ranging from spin-offs to sequels.