Paramount Pictures will release Steven Spielberg's Indiana Jones 4 on May 22, 2008.

The Harrison Ford starrer (which resurrects the franchise after a nearly 20-year hiatus) will go up against Warner Bros. Speed Racer, which will be released a day after Indiana Jones 4, according to Variety.

Both films are relying on the long Memorial Day holiday weekend to generate higher box office numbers.

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David Koepp (Spider-Man) wrote the script for the fourth installment of the Indiana Jones franchise, which re-teams George Lucas, Spielberg and Ford. The film is set to begin shooting by June.

Larry and Andy Wachowski (The Matrix trilogy) will both direct Speed Racer, based on the 1960s Japanese cartoon series.