Paramount studios is backing the project. The 72-year-old director has extended his overall feature deal with the studios, through 2019, said The Hollywood Reporter.
"Marty is one of our industry's most prolific and celebrated filmmakers and he is also an integral part of the Paramount family. We are looking forward to many more years and many more great films at Paramount Pictures," said Paramount CEO Brad Grey.
The film will explore the life of the late composer.
Once arriving at Paramount, Grey struck the producing pact with Scorsese.