The New York Post reported the actor is to headline the play in Manhattan's Central Park from June 9 through Aug. 1.
"Merchant" is to alternate performances with Shakespeare's "The Winter's Tale" throughout the show's summer run. Jesse L. Martin, Lily Rabe and Jesse Tyler Ferguson are to appear in both plays, the Post said.
Pacino previously played Shylock in a 2004 film adaptation of "Merchant."
Swim Week Miami Beach 2014 [PHOTOS]