Paterno, who died in January, led the Penn State team to 18 bowl victories, two national championships and five undefeated seasons in a 45-year career.
However, he was fired in November 2011 for his role in a scandal that saw Penn State authorities including Paterno fail to report widespread abuse of young children by assistant coach Jerry Sandusky.
Paterno, an autobiography of the late coach, is currently on the New York Times bestseller lists and will reportedly form the basis of a biopic which is currently being prepared to be pitched to Hollywood executives.
Although still in the early stages of development, Pacino has attached himself to the project to star, according to TMZ.
Pacino is currently rehearsing for a new Broadway production of Glengarry Glen Ross, following his appearance in the 1992 movie version. However, this time around he will be portraying washed-up salesman Shelley Levene, played by Jack Lemmon in the film, rather than hotshot Ricky Roma.