The film will be a hybrid sequel and prequel to the original biopic of boxer Jake LaMotta, with a script that looks at LaMotta both as a young fighter and at his post-boxing entertainment career.
Variety reports that William Forsythe will star as the older LaMotta, with newcomer Mojean Aria playing the younger version.
The film also stars Joe Mantegna, Tom Sizemore, Penelope Ann Miller and Alicia Witt, with Martin Guigu directing a script co-written wth Rustam Branaman.
The original Raging Bull is regularly cited as one of the greatest films of all time in critics' polls.
Director Martin Scorsese and star Robert DeNiro are not involved in the new film, with Scorsese recently telling GQ that "we said all we had to say at the time", before adding: "I really don't know what Raging Bull II would be."
De Niro himself will return to the ring alongside Sylvester Stallone in the upcoming Grudge Match, a comedy about two retired fighters who reunite for one more bout.
Watch the Raging Bull trailer below: