The Oscar-winning star will play an aging actor in what's been described as a Pulp Fiction-esque film, Deadline reported.
Sony Pictures won the rights to the film, which already has a release date set for August 9, 2019.
The film may not have a title yet, but its release date is significant as it falls on the 50th anniversary of the murder of Sharon Tate by the Mason family.
According to reports, Tarantino asked DiCaprio's 'Wolf of Wall Street' co-star, Margot Robbie, to star as Tate.
It has been revealed that Tom Cruise and Brad Pitt are also in talks for what the publication describes as "two meaty male roles".
It's being produced by Harry Potter's David Heyman as well as Tarantino himself, Shannon McIntosh and Georgia Kacandes.
The film will mark DiCaprio's first since his Oscar-winning role in 'The Revenant'. (ANI)