De Niro was originally cast to co-star in the police thriller - about a young cop with a family secret assigned to work in his old neighbourhood - but he dropped out of the project unexpectedly.
However Pacino has stepped up to save the project and replace his The Godfather Part II co-star De Niro, while Channing Tatum, Terrence Howard, Ray Liotta and Katie Holmes are also in talks to join the cast, according to the Hollywood Reporter.
Filming on the Dito Montiel movie is expected to begin in New York on 22 March (10).