De Palma, who directed the horror movie Carrie and the crime film Scarface in the 1970s and 80s, is "following it very closely", he told AFP news agency.
Mr Weinstein has been indicted on charges of rape and other counts of sexual abuse after handing himself in to New York police last week.
His lawyer has said he denies the charges against him.
"I know a lot of the people involved," De Palma, 77, said in an interview with AFP in Paris, adding: "I've heard stories over the years."
He said that directors have to "get actors' confidence and their love" and that "to violate it on any level is just to me the worst thing you can do, just because of your gluttony or your lust".
Hollywood has been rocked by allegations against Mr Weinstein, with a large number of women coming forward to say they were sexually harassed or assaulted by the film mogul.
Last week, Mr Weinstein was arrested and charged with rape, a criminal sex act, sex abuse, and sexual misconduct. The charges relate to incidents involving two women: one identified by her lawyer as the former actress Lucia Evans; the other unnamed.
These are the first criminal charges to be brought against Mr Weinstein, who denies non-consensual sex and is expected to plead not guilty.
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