Seagal's lawsuit against Julius Nasso stems from Nasso's 2003 guilty plea to extortion, the New York Post reported Wednesday.
Seagal alleges Nasso, backed by Gambino crime-family members, threatened him to get him to pay money Nasso thought he was owed after they ended their movie-producing partnership.
Nasso pleaded guilty to extortion and served more than nine months in prison.
A separate suit Nasso filed in 2003, claiming Seagal owed him $60 million for backing out of a deal to perform in four movies, is now in settlement talks, said one of Nasso's attorneys, Daniel Marotta.
Marotta described Seagal's new legal move "an attempt to delay the civil action against him."
Attorneys for Seagal declined to comment on the suit when contacted by the Post.