The project is set in 1963 with Shannon playing the villain of the story, reported Variety.
The movie revolves around a mute laboratory worker, to be played by Sally Hawkins, who falls in love with an amphibious man held captive.
The film has been rumored to be titled "The Shape of Water".
Richard Jenkins, Octavia Spencer and Michael Stuhlbarg will co-star.
Del Toro is also producing with Callum Greene, who worked with him on both "Pacific Rim" and "Crimson Peak.
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