The film will be adapted from a book by Belgian journalist and novelist Stan Lauryssens, a former neighbor of Dali, who died in 1989 at the age of 84, Variety said.
Pacino, 66, who starred in "The Godfather," "Donnie Brasco" and "The Insider," was nominated eight times for an Oscar and took home best actor honors in 1993 for "Scent of a Woman."