The action comedy will center on two aging criminals, one of whom has been hired to kill his friend.
Arkin won a 1963 Tony for his performance in Enter Laughing and was also Tony-nominated for his direction of The Sunshine Boys in 1973.
Margulies appeared on Broadway in Festen. She is currently the star of CBS' The Good Wife, for which she has earned the Emmy Award, among other honors.
Pacino most recently starred on Broadway in The Merchant of Venice, for which he received a Tony nomination, and won the award for Does a Tiger Wear a Necktie? and The Basic Training of Pavlo Hummel.
Walken has received Tony nominations for his work in James Joyce's The Dead and A Behanding in Spokane.