Jay Roach is directing the film, which sees Cranston portraying the screenwriter who was blacklisted in Hollywood's golden age for his ties to the Communist party. Peter Mackenzie and Roger Bart are also joining the project, according to the Hollywood Reporter.
The movie already has Diane Lane as Trumbo's wife, Helen Mirren as gossip columnist Hedda Hopper, Michael Stuhlbarg as actor Edward G Robinson and John Goodman as producer Frank King.
Wayne, one of the town's more conservative actors, was not only a member of the Motion Picture Alliance for the Preservation of American Ideals - which supplied names to Congress of those deemed friendly and unfriendly in Hollywood - but also its president for four years.
The movie, which has the John McNamara-written script adapting a book by Bruce Cook, is due to start shooting in New Orleans in September.
Michael London and his Groundswell Productions are producing the film.