The film, which also stars Favreau, centers on a chef who, after losing his job, opens a food truck to regain his mojo and get his family back together. Hoffman will join a cast that also includes Scarlett Johansson, Sofia Vergara, John Leguizamo, Bobby Cannavale and Robert Downey Jr.
Michael Shamberg, Stacey Sher and Erwin Stoff will produce.
Last year Hoffman directed the dramedy “Quartet” and last lent his voice to “Kung Fu Panda 2”.
He is repped by WME.