The Breaking Bad star told Hollywood.com that he will develop the murder mystery story some time next year, though the title of the project is likely to change.
"It's basically a very strong father-son story, and a murder mystery," he explained.
"An FBI agent who suddenly quits the department and takes his son and his wife and moves back to his hometown of Cascade, Nebraska, to rekindle family values and pay attention now.
"He's been working for the FBI for years, so he's been home sporadically. And his son is now 16, very sensitive, and looks upon his father like sort of a stranger.
"And then there's a murder that happens in the little town that they move to, which kills [the father's] whole stance on, 'Things are better in these small towns'. And then things unravel, and basically, the father and son come together at the end and save each other emotionally and literally."
However, Cranston added that scheduling conflicts with other projects will postpone development for at least a year, which he described as "a lovely problem".
Bryan Cranston is also currently signed up for several movie roles, including Rock Of Ages, World War Z, Total Recall and Argo, while also filming AMC series Breaking Bad.
The actor previously directed 1999's Last Chance, as well as several episodes of Malcolm in the Middle and Breaking Bad.
> Breaking Bad Bryan Cranston: 'Walt is more of a badass'