The actor is taking up the movie after Steve Carell was forced to drop out because of scheduling clashes with his other projects, according to the Los Angeles Times.
Pacino would be playing an aged rock star who is inspired to change his life and reconcile with his estranged son after he finds a letter sent to him by ex-Beatle Lennon, over 40 years ago.
Former Office star Carell was briefly attached to the role of the musician's son.
Screenwriter Dan Fogelman, known for Tangled, will be making his directorial debut with the film.
Pacino was recently confirmed for Barry Levinson's Gotti, which will see him playing a rival gangster to the infamous New York crime clan.
Watch John Lennon and Yoko Ono play 'Imagine' live at Madison Square Garden below: