John Travolta as 'Gotti'. Picture: Bang Showbiz

John Travolta's new 'Gotti' biopic has been given a June 2018 release date after it was dropped by Lionsgate days before release last year.

The new film was set for release under the studio's Premiere banner but the project was sold back to the production company Emmett/Furla/Oasis back in December.

No reason was given for the sale, however, according to Deadline, the producers exercised the buy-back clause from the original contract.

And it is also reported the film was set for a limited release but the producers wanted to widen the distribution.

Now filmmaker Kevin Connolly has taken to Instagram to announce the film has got a new release date.

He wrote: "June 15th!!! Save the date... #Gotti (sic)"

June 15th!!! Save the date. #Gotti

A post shared by Kevin Connolly (@mrkevinconnolly) on

The biopic follows ill-fated mobster John Gotti (Travolta) who rises to the top of the New York underworld to become the boss of the Gambino crime family.

The FBI indicted members of Gotti's crew for selling narcotics and he took advantage of growing dissent over the leadership of the crime family.

Gotti feared he would be killed along with his brother and best friend by crime family boss Paul Castellano for selling drugs, so he organised the murder of the mobster in 1985 and took over the family shortly after.

As the leader of the most powerful, richest and largest crime syndicate in the world, the Gambino family made hundreds of millions of dollars each year from construction, hijacking, loan sharking, drug trafficking and prostitution and pornography.

Gotti was eventually arrested and incarcerated until his death from throat cancer in 2002 when he was 61.

Travolta, 63, plays the famous mobster alongside his wife Kelly Preston as Victoria Gotti and Stacy Keach as Aniello Dellacroce.

The film is written by 'Haywire' and 'The Limey' scribe Lem Dobbs and 'The Accused' star Leo Rossi.