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Del Toro is planning a shoot this summer and is in the casting stages. Sally Hawkins leads a roll call that also includes Octavia Spencer and Michael Stulhbarg.
Details are being kept in a bunker, but the project, written by del Toro, is described as a mysterious and magical journey set against the backdrop of Cold War-era America circa 1963, with an otherworldly love story at its center.
Shannon’s character would be the villain of the piece.
The actor, who never seems to stop working, is in theaters right now starring in Midnight Special, the sci-fi thriller written and directed by frequent collaborator Jeff Nichols. He also appears in the filmmaker’s racial drama Loving, which will premiere at the Cannes Film Festival.
His Elvis & Nixon, in which he portrays Elvis Presley opposite Kevin Spacey as President Richard Nixon, premiered at the Tribeca Film Festival earlier this week.
Shannon is repped by CAA, Byron Wetzel Management and Morris Yorn.