Cutolo's body was unearthed earlier this year during a dig at an East Farmingdale industrial site.
Giolelo, who will appear in court later this week, is already behind bars on a racketeering indictment.
Eyewitness News is told he was charged in a 24-court superceeding indictment that will be unsealed later today.
Giolelo is expected to be charged with the murder of Cutolo. The mobster, known as "Wild Bill," disappeared in 1999. Guolelo lives near the industrial site where Cutolo's body was unearthed.
And the Colombo crime family's former acting boss, Joel "Joe Waverly" Cacace, was also charged with the 1997 execution-style killing of Dols at his Sheephead Bay, Brooklyn, home.
Dols was married to Kimberly Kennaugh, who had dated Cacace and was also the ex-wife of Colombo soldier Enrico "Eddie" Carini. Police say he was shot five times outside his home after returning from work.
Federal prosecutors also charged Colombo family mobsters Dino Calabro and Dino Saracino with the officer's murder, which then Mayor Rudy Giuliani described at the time as "an execution."
Cacace is currently serving a 20-year sentence for racketeering and conspiring to murder a federal prosecutor.
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