The film recounts the real-life story of South Boston criminal mastermind Whitey Bulger, said The Hollywood Reporter.
The project, which is set to shoot in May, is being produced by Cross Creek and will be shopped to foreign buyers at the upcoming European Film Market in Berlin.
Exclusive Media is selling the film internationally, while Universal will distribute the film in North America.
This project puts into question "Transcendence", which was to be Depp's next movie.
"Transcendence", a sci-fi thriller to be directed by Inception cinematographer Wally Pfister, is awaiting a rewrite of its script.