According to Deadline.com, the project is from Sony Pictures TV, where Cranston has a first-look deal and Shore is under an overall pact.
"Sneaky Pete" centers on a con man in his thirties who, after leaving prison, assumes the identity of a cellmate to escape his darker past.
James Degus of Cranston's Moon Shot Entertainment will also executive produce; Erin Gunn of Shore's Shore Z will co-executive produce.
Cranston is a Tony Award winner for his performance in All The Way.