Additional casting is underway.
Depp and Pacino also starred opposite each other in the 1997 crime flickDonnie Brasco.
Sharon Howard-Field (Merchant of Venice) will oversee casting.
Johnny Depp, Riccardo Scamarcio, Pierre Niney and Al PacinoGetty
Navidi and IN.2 (Jeanne du Barry) will produce alongside Depp.
Local production in Budapest will be handled by Proton Cinema.
Modiglianiwill be Depps second feature directorial turn after 1997sThe Brave, in which he also starred alongside Marlon Brando.
He also directed several music videos for his ex-wife Vanessa Paradis.
Depps anticipated acting comeback filmJeanne du Barrywill pop swing open the Cannes Film Festival next week.
The Veterans Cannes slate also includes Warwick Thorntons Cannes Film Festival titleThe New Boy, starring Cate Blanchett.
Depp is repped by Jack Whigham at Range Media Partners.
