Titled 'Black Mass', the movie will chronicle the life of Bulger who was on the Federal Bureau of Investigation's (FBI) Most Wanted List for almost two decades.
It will be based on the book 'Black Mass: The True Story of an Unholy Alliance Between the FBI and the Irish Mob' by Boston Globe reporters Dick Lehr and Gerald O'Neill. Barry Levinson will direct the film, while Cross Creek will produce the crime saga, reports dailystar.co.uk.
"I could not be more thrilled to have the biggest star in the world (Depp) and Academy Award-winning director Barry Levinson to finally bring this incredible story to the big screen," said Brian Oliver, president of production firm Cross Creek.
"'Black Mass' expertly details the twists and turns of this highly complex story, painting a vivid portrait of Boston's underbelly and its corrupt political machine, as well as exposing the worst scandal in FBI (Federal Bureau of Investigation)," he added.
This is not the first movie which has been inspired by criminal mastermind Bulger. Apparently Jack Nicholson's character in 2006 crime thriller "The Departed" was inspired by Bulger.