Penned by Desperate Romantics writer Peter Bowkers, the programme will tell the story of the legendary comic duo's formative years. Daniel Rigby (Morecambe) and Bryan Dick (Wise) will play the lead roles.
Reeves will star as Morecambe's father George Bartholomew, alongside Victoria Wood as his mum Sadie. Shearsmith is cast as Wise's dad Harry.
Emer Kenny and Hannah Steele will play the double act's wives Joan and Doreen.
Meanwhile, Victoria Wood will also host a BBC Two documentary about Morecambe & Wise's early years, featuring archive footage and celebrity interviews.