This true crime story marks the fourth collaboration between the director and DiCaprio, who will also produce the film and stars as Belfort. Hill will portray his friend who gets caught up in the high life and unscrupulous business.
It's yet another foray into drama for Hill, reports The Wrap. Last seen in the cop comedy 21 Jump Street with Channing Tatum, the actor will star in the sci-fi comedy The Watch with Ben Stiller and Vince Vaughn coming this summer.
Scorsese also plans to shoot Silence, starring Daniel Day-Lewis, Benicio Del Toro and Gael Garcia Bernal. The film will be based on the novel by Shusaku Endo about 17th century Jesuit priests faced with violence when doing missionary work in Japan.