The actors will portray Francis Ford Coppola, the director of the 1972 classic, and Robert Evans, who produced the crime drama, respectively.
Directed by Barry Levinson, the big screen venture will chronicle the behind-the-scenes drama, which prompted Coppola to clash with studio bosses at Paramount.
“Out of the madness of production, and against all odds, a classic film happened,” Levinson said in a statement to Deadline.
Coppola, who is currently working on a new edit of The Godfather: Part III, has given his blessing: “Any movie that Barry Levinson makes about anything, will be interesting and worthwhile!” he declared.
Based on Mario Puzo’s novel, the original The Godfather starred Al Pacino and Marlon Brando.