The untitled film stars Pitt as a veteran racer by the name of Sonny Hayes who returns to F1 to help an ailing team, APX, owned by Javier Bardem, with young hot-shot Damson Idris as his team-mate.
It is directed by Joe Kosinski, who oversaw Top Gun: Maverick, whilst seven-time F1 champion Lewis Hamilton is a producer.
Pitt took to the Silverstone circuit in a modified F2 car to shoot some of the scenes that will feature in the movie. Production is due to take place at a variety of tracks over a period of time.
Speaking to Sky Sports F1 analyst and former driver Martin Brundle following his initial outing on track, Pitt said: “I'm a little giddy. (I'm) Having such a laugh, time of my life.”
The transition of APX into the paddock and garage as an 11th F1 team was seamless, with the facilities and equipment on a par with any of those who currently compete in the sport.
“It's just all been great,” said Pitt. “The vibe's amazing, you know that, but just to get to be a part of it in this way, to get to tell our story, and everyone's been really cool with us.
“All the teams have opened their doors for us, the FIA, (president) Mohammed (Ben Sulayem) have been really helpful, and F1, (president and CEO) Stefano (Domenicali), have been really, really amazing that we can do this. It's going to be really good.”
Offering insight into the script, Pitt revealed: “I would be a guy who raced in the 90s – in fact, I would have been on the track with you (Brundle) at some point, so you've got to do a cameo – and he has a horrible crash, kind of craps out, disappears, and then is racing in other disciplines.
“And then his friend, played by Javier Bardem, is a team owner. They're the last-place team, they're 21, 22 on the grid, they've never scored a point, and they have a young phenom played by Damson Idris, and he brings me in as a kind of a Hail Mary, and hijinks ensue.
“Tell you what's amazing about it, you'll see the cameras mounted all over the car. The shots, you've never seen speed, you've never seen just the G-forces like this. It's really, really exciting.”
Pitt has spent a considerable period of time in training for the role, particularly as he had no prior experience of car racing, although conceded to spending 20 years “on bikes on track, so that helped a lot”.
Analysing his time in a car so far and appreciating what it takes to be a racing driver, he said: “It's really humbling.
“I don't know if you can call mine a hot lap, I call it kind of a warm lap, and I've taken a few unintentional tours through the grass, but it's just been such a high.
“The guys have really prepared me well. There were a couple of corners I could see the stands, and on the straights, you have a little bit of time to kind of look around, but I'm really focused on the lines and what we're trying to create in these moments.”
Pitt has been assisted by renowned F2/F3 team owner Trevor Carlin and his team who “have been sensational in keeping us safe, training us and really operating the show like the real thing,” remarked Pitt.
He added: “It (the movie) should be as authentic as we can get it. And Lewis, who's also our producer, was really, really intent that we respect the sport, that we really show it for what it is.
“I've got to tell you, as a civilian, I had no idea what it takes to be a driver. The aggression and dexterity, they're amazing athletes, and I've got so much respect for everyone out there in all classes.”