The 84-year-old actor is to feature alongside Katie Holmes and Toby Kebbell with Dito Montiel, known for Man Down and Critical Thinking, to direct the film.
The story centres on Calabrian mafia boss Saro (played by Kebbell and Pacino at different stages of his life) who kidnaps the grandson of one of the richest men in the world, Jean Paul Getty. Saro puts his organisation in danger when he develops romantic feelings for his victim's mother (Holmes) during the ransom negotiations.
Michael Benaroya, Michael Mammoliti and Manasvi Mamgai are producing the film for 32RED Entertainment and it is being launched for sales in Cannes.
Mammoliti, the nephew of one of the kidnappers Saro Mammoliti, has spent years working on the project and took issue with the plot of 2017's All The Money In The World, which tackled the same subject.
The events of the kidnapping have been disputed for decades but Mammoliti recalls how his uncle had feelings towards his victim's mother, Abigail Harris, and is exploring it for the first time in Captivated.
The film's principal photography is due to begin later this year in Italy.
Mammoliti said: "Our goal is to give a voice to a person who's had none for 50 plus years, and tell a side of this story no one knows."
Benaroya added: "Captivated has all the ingredients of a great film, a fantastic script, stellar cast, and visionary director. We couldn't be more excited to have it on our slate."
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