Preston's husband, John Travolta, has been cast as Gotti.
The couple last appeared together in the big-screen comedy, "Old Dogs," along with their daughter Ella.
Ella, 11, has also signed up for the role of John and Victoria's daughter Angel in "Gotti."
"We're really excited to have Kelly on board. We are friends with the Travoltas, and they have great chemistry. It will be great onscreen. It's a very tender relationship in the screenplay," producer Marc Fiore told the Daily News.
The movie is expected to start shooting in New York in January.
Written by Leo Rossi, it will be about the relationship between John Gotti Sr. and his son, John Gotti Jr., who allegedly ran New York's Gambino crime family on his behalf in the late 1990s when Gotti Sr. went to prison for racketeering. The elder Gotti died behind bars of cancer in 2002. He was 61.
The younger Gotti, now 47, was a defendant in four racketeering trials -- all of which ended in mistrials -- between 2004 and 2009.