The 54-year-old director has already finished writing the script, according to The Hollywood Reporter.
The tragedy occurred on August 8, 1969, when cult leader Charles Manson - an unemployed convict and failed musician - ordered a group of his followers to attack the guests of a house in Los Angeles' Benedict Canyon.
The followers brutally murdered everyone at the home, including actress Sharon Tate, who was eight months pregnant at the time.
It is unclear whether the film will be a historical retelling about the events that occurred or if the crime is used as a backdrop for separate, intertwining stories.
The film would mark the director's ninth feature. It will be his first movie to be based on true events.
Tarantino most recently directed the western "The Hateful Eight," starring Samuel L Jackson and Kurt Russell.