The announcement was made in Cannes, France, site of the renowned film festival, the latest edition of which is to kick off later this week, The Hollywood Reporter said.
John Travolta was previously cast as Gambino boss John Gotti Sr., while his real-life wife, Kelly Preston, will play Gotti's on-screen spouse, Victoria, and Lindsay Lohan is to play John Gotti Jr.'s wife, Kim.
The Hollywood Reporter said "Gotti" will reunite Pacino with his "You Don't Know Jack" director Barry Levinson.
The "Gotti" screenplay is being reworked by James Toback, who previously collaborated with Levinson on "Bugsy," the entertainment industry trade newspaper said.
Pacino famously starred in "The Godfather" classic mob movie trilogy.
Notable deaths of 2014 [PHOTOS]