Cross Cost Center should be generated based on Project selected in Expense Item

We have received a specific requirement:

If a user selects a project number (along with project details such as project number, task, and expenditure type) in the Expense Item, then the Cost Center code should be auto-generated.

To achieve this, we can include the Cost Center segment as a Descriptive Flexfield (DFF). Based on the selected project, the corresponding Cost Center (DFF value) will be auto-populated.

Please share your thoughts to achieve the above requirement.