The movie will focus on Elvis' 1970 meeting with Richard Nixon at the White House, when the rock star gave the President a gun and requested that he be made a special federal agent-at-large in the war on drugs.
The encounter served as the basis for Showtime's 1997 movie "Elvis Meets Nixon," starring Rick Peters ("Dexter") as Elvis and Bob Gunton ("The Shawshank Redemption") as Nixon.
Further casting has not been announced.
Oscar nominee Shannon recently performed in Simpatico at Chicago's A Red Orchard Theatre, which he helped to found. He will perform in White Rabbit, Red Rabbit at Chicago's Museum of Contemporary Art in November. Shannon has also worked with the Steppenwolf Theatre Company and Northlight Theatre Company.
He made his Broadway debut in Grace in 2012, and his film work includes "Bug," "Revolutionary Road," "The Iceman" and "Man of Steel." He has also appeared in "Boardwalk Empire."