British actor Daniel Day-Lewis has been touring Lincoln historic sites in Illinois. (Kirsty Wigglesworth/Associated Press)

Oscar-winning British actor Daniel Day-Lewis has signed on to portray Abraham Lincoln in a biopic to be directed by Steven Spielberg.

The 53-year-old actor, known for immersing himself in his roles, won Academy Awards for My Left Foot (1989) and There Will Be Blood (2007). He's known as being particularly selective about his projects, appearing in only five films since 1997, including Gangs of New York and Nine.

"I am grateful and inspired that our paths will finally cross with Lincoln," Spielberg said in an announcement late in the week. No other actors have been attached to the project.

Set for release in 2012, the film will be based on the bestseller Team of Rivals by Dorothy Kearns Goodwin, which recounts the story of the 16th U.S. president's struggle with his cabinet and his country near the end of the Civil War.

Liam Neeson, the Irish actor, had long been connected to the film but dropped out this summer. Tony Kushner, the writer behind the acclaimed Angels in America show, will adapt the book for the big screen.

Meanwhile, Day-Lewis is preparing for his role by visiting Illinois to research Lincoln's early political years. He's already toured several historic sites, including the Lincoln Home and the Abraham Lincoln Presidential Museum, both in Springfield, Ill.

Filming is set to start next fall with a release date in late 2012.

The announcement about Day-Lewis comes more than two months after Robert Redford unveiled his independently financed film about Lincoln, The Conspirator, which premiered at the Toronto International Film Festival in September.

Starring James McAvoy and Robin Wright Penn, the film focuses on the assassination and its consequences rather than Lincoln's political life.

The plot circles on Mary Surratt (Wright Penn), allegedly one of the aides of killer John Wilkes Booth. McAvoy portrays a young war hero who becomes Surratt's lawyer at her trial and comes to believe she is innocent.

The film is set for theatrical release in the spring of 2011.