The movie will begin production in January, next year after being pitched at the upcoming Toronto International Film Festival, reported Deadline.
Connolly, 41, is best known as Vincent Chase's loyal friend, Eric Murphy, on "Entourage". He also directed two episodes of the drama. His directorial credits also include 2007 comedy-drama film "Gardener of Eden".
Connolly and the "Saturday Night Fever" actor will travel to TIFF (September 10-20) to pitch the movie to foreign markets.
Emmett/Furla/Oasis Films, Fiore Films and Herrick Entertainment are already on board to finance the movie with Lionsgate Premiere in charge to release the film domestically.
John Jr sold his life story rights. Leo Rossi and Lem Dobbs wrote the most recent draft of the script.
Connolly could be the person who understands the situation well because he grew up on Long Island reading about Gotti on the front pages of the Post and Daily News.
The project came up first in 2011 with actors such as Al Pacino, Chazz Palminteri and Joe Pesci attached to star.
Financing became a problem and the project was shelved several times.
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