The '12 Strong' actor is in negotiation, along with Broadway star Audra McDonald, for a part in a new production of Terrence McNally's play to celebrate the playwriter's 80th birthday.
Michael Shannon and Audra McDonald are in talks to star in the Broadway revival of "Frankie and Johnny in the Clair de Lune".
Terrence McNally's play debuted off-Broadway in 1987 and starred Kathy Bates and F. Murray Abraham, before wowing critics on Broadway in 2002, with Edie Falco and Stanley Tucci in the starring roles.
Rosie Perez and Joe Pantoliano also appeared in a production.
According to Page Six, producers behind the new project are hoping to premiere it next year (19), to celebrate McNally's 80th birthday, which he celebrated earlier this month.
The play centres on the romance between a waitress and a short-order cook.
Michelle Pfeiffer and Al Pacino also starred in a film adaptation.