The movie is based on the book, I Heard You Paint Houses, about a gangster's deathbed confession regarding the death of Teamsters boss, Jimmy Hoffa.
Pesci will play Russell Bufalino, a mafia boss suspected of being involved with the suspected murder of Hoffa, whose body has never been found.
Pesci and De Niro each starred in Scorcese's most well-known gangster movies, Goodfellas and Casino, as well as his legendary biopic of Bronx boxer Jake LaMotta, Raging Bull.
Deadline reported that Pesci had turned down the role several times, but finally signed on.
The Irishman will also star Al Pacino, another New York actor who has done famous turns as tough guys and mafia men. But this movie will mark the first time Pacino has worked with either Scorcese or Pesci.
Pacino previously starred opposite De Niro in 1995's Heat, directed by Michael Mann.