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The movie, directed by Michael Corrente, tells the story of charismatic and corrupt Vincent "Buddy" Cianci (Oliver Platt), who served as Mayor of Providence, Rhode Island for 21 years.
Dermot Mulroney, Adam Goldberg, Bradley Cooper and Ed Burns are also attached to the project.
Williams's role is dependent on scheduling issues which have yet to be resolved, according to The Hollywood Reporter.
Steven Soderbergh has lent his name to present the film, which has been adapted by David Mamet and Howard Korder from Michael Stanton's 2003 book.
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