Lead producer Harvey Weinstein has said that the 58-year-old Tony Award-winning actor signed up for the role after becoming "enchanted" with an early workshop performance, ABC News reported.
Speaking of Cranston's new role, Weinstein said in a statement: "We were so thrilled that he wanted to come on board as an investor - having him as an ally and offering his overall support of this production means the world. He has given Diane and me such smart, constructive, creative advice."
Although best known for his critically-acclaimed role as Walter White in 'Breaking Bad', Cranston is no stranger to the stage, having won a Tony Award for his Broadway debut as President Lyndon B Johnson in 'All The Way' last year.
Music and lyrics for the musical have been written by Take That star Gary Barlow and songwriter Eliot Kennedy.
Performances are expected to begin March 15, 2015 at the Lunt-Fontanne Theatre in New York.