Titled "Waco", the miniseries is being developed by Weinstein Television, reported Entertainment Weekly.
Brothers John Erick Dowdle and Drew Dowdle (No Escape) will write the series, with John directing.
Kitsch will play cult leader David Koresh, and Shannon will essay the role of lead FBI negotiator Gary Noesener.
"Waco" is largely based on two biographies: "A Place Called Waco," by Branch Davidian David Thibodeau, and "Sinful Messiah," by Noesener.