Palma is set to team up with with Pacino in a Joe Paterno biopic to be called "Happy Valley", reported Aceshowbiz.
The story will be based on the bestselling book 'Paterno' by Joe Posnanski with Dave McKenna approached to pen the script.
The project will be produced by Edward R Pressman and Pacino's manager Rick Nicita.
"'Happy Valley' reunites the 'Scarface' and 'Carlito's Way' team of De Palma and Pacino for the third time and I can't think of a better duo to tell this story of a complex, intensely righteous man who was brought down by his own tragic flaw," Pressman said.
Joe Paterno is a former Penn State head football coach who became the "winningest" coach in the history of college football. He built a powerhouse football program that turns him into a campus deity.
When his former defensive coordinator Jerry Sandusky was revealed to be a pedophile and it came out Paterno was told and helped hide the scandal, the coach was summarily fired. He died shortly after of cancer.
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Palma, 72, is best known for his suspense and crime thriller films such as "Carrie", "Mission: Impossible", "Femme Fatale" and "The Black Dahlia".
His most recent work was last year's "Passion", which stars Noomi Rapace and Rachel McAdams.