"The Many Saints of Newark" will be set against the backdrop of the city's race riots in 1967 and chronicle the tensions between members of the city's Italian and African-American crime families.
Farmiga and Bernthal's potential roles are being kept under wraps, but "Jurassic Park III"'s Alessandro Nivola was recently tapped to play main character Tony Soprano's mentor, Dickie Moltisanti, the father of "The Sopranos" character Christopher Moltisanti, who was portrayed on TV by Michael Imperioli.
Soprano was portrayed by late actor James Gandolfini on the hit TV series and his character will be featured in the film.
"The thing that interested me most was Tony's boyhood," series creator David Chase, who is writing and producing the new movie, told Deadline. "I was interested in exploring that. The movie will deal with the tensions between the blacks and whites at the time, and Tony Soprano will be part of this, but as a kid."
Alan Taylor is directing the film, which starts production later this year.