The two actors will join the already announced Amy Adams and Jake Gyllenhaal in Tom Ford's first film since his 2009 directorial debut "A Single Man", reported Variety.
"Nocturnal Animals" is an adaptation of Austin Wright's 1993 novel Tony And Susan and features a two-part storyline.
The first follows a woman (Adams) who receives a book manuscript from her ex-husband of 20 years.
The second story follows a man (Gyllenhaal) whose family holiday turns violent.
Taylor-Johnson, 25, will play a threat to Gyllenhaal's family, while Shannon takes on the role of a detective investigating the violent incident.
Taylor-Johnson recently starred in "Avengers: Age of Ultron", while Shannon will appear in the upcoming "99 Homes" opposite Andrew Garfield.