The former "Breaking Bad" star will reprise his Tony Award-winning role as President Lyndon B. Johnson, racked with setbacks during his turbulent first year in office, following the assassination of President Kennedy.
Schenkkan, a Pulitzer Prize winner, will write the adaptation of his Broadway hit, which was crowned best play at this year's Tony Awards.
The film will be produced by Steven Spielberg's Amblin Television, the same production company behind the new CBS series "Extant." Schenkkan and Cranston have additionally signed on to serve as executive producers on "All the Way."
Cranston is next set to begin shooting "Trumbo," a biopic about 1940s blacklisted screenwriter Dalton Trumbo.