Adam Goldberg, Ed Burns, Dermot Mulroney and Bradley Cooper are also attached to star and the producers are in talks with Robin Williams.
David Mamet co-wrote the screenplay with Howard Korder; Mamet previously collaborated with Corrente on the film of his 1996 heist drama American Buffalo.
Corrente will produce with Marisa Polvino and plans to shoot this summer in Providence, Rhode Island, on the story of the two-time Providence mayor whose charisma and feted public works programme were overshadowed by his eventual imprisonment related to a corruption scandal.
Corrente's relative Frank A Corrente was a Cianci aide who was caught on camera accepting a bribe in what became known as Operation Plunder Dome.
Shaun Redick of Beverly Hills-based production and management company The Collective is arranging the financing and will serve as executive producer and represent North American rights. International rights remain on the table.