The actors could join star Joseph Gordon-Levitt in the project, written by David Koepp and directed by John Kamps, according to The Hollywood Reporter.
Shannon is eying the role of a cop with a violent temper who chases Gordon-Levitt's bike messenger character throughout New York City in an attempt to steal an envelope in his possession.
Chung is in negotiations to play the movie's female lead.
Shannon recently appeared in indie film Runaways and comic book adaptation Jonah Hex. Chung will next be seen in Adam Sandler comedy Grown Ups.