The new film, Tarantino's ninth as director, already has an August 9, 2019 release date.
DiCaprio will play an ageing, out-of-work actor in the film. Margot Robbie, meanwhile, is being eyed for the role of Sharon Tate, reported Variety.
The movie is set in the 1969 Los Angeles during the summer of the Manson murders.
The release date coincides with the 50th anniversary of Tate's murder at the hands of the Manson family.
The project will also mark DiCaprio's first since winning the Oscar in 2016 for his performance in Alejandro G Inarritu's "The Revenant."
The film is being produced by Harry Potter's David Heyman, Tarantino and Shannon McIntosh.
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