The film will tell the story of Spector, who long ago recorded such acts as the Beatles, Cher and the Ramones. Now, at age 70, he's serving a prison sentence of 19 years to life for murder. He was convicted for the 2003 shooting death of actress Lana Clarkson.
The 70-year-old Pacino starred in the HBO film "You Don't Know Jack" earlier this year as Jack Kevorkian, who served time in prison for assisting in the suicide of a terminally ill man.
The as-yet-untitled Spector film is in the early stages of development, HBO said. The project was first reported by The New York Times.