The 69-year-old actor is expected to portray a mob boss in Antoine Fuqua's television adaptation of Mario Puzo's novel, reported Ace Showbiz.
The show is adapted from Mario Puzo's book of the same name. It's the final novel in the author's mafia trilogy that started with "The Godfather" and "The Last Don".
Stallone is set to work with "The Equalizer" director Antoine Fuqua for the project.
The news comes just weeks after Fuqua signed a multi-year TV deal with Weinstein Co. The director is now gearing up for the release of his new movie "The Magnificent Seven" starring Denzel Washington and Chris Pratt.