The singer will be playing defence attorney Linda Kenney Baden, who represented Spector during his first trial for murder, according to The Hollywood Reporter.
The telefilm for HBO Films is being directed by David Mamet and it will also star Jeffrey Tambor from Arrested Development as well as Pacino.
The movie follows the relationship between Spector and Baden with Barry Levinson signed up to executive produce the film.
Midler last appeared on TV in 2000-2001 in the sitcom Bette for CBS, where she played herself.