The Mission: Impossible - Ghost Protocol actor is in the final contract stages to appear in the former Walking Dead showrunner's pilot for the TNT network, according to The Hollywood Reporter.
L.A. Noir centres on an ex-Marine turned police officer (Jon Bernthal) who ends up in the centre of a battle between a mob leader and his corrupt police captain (Neil McDonough).
Pegg will apparently make an appearance in the show's pilot episode, though his role is unknown.
Darabont announced his intention to develop the L.A. Noir book by John Buntin in January 2012.
Heroes star Milo Ventimiglia will also star in L.A. Noir as a lawyer and Bernthal's character's former Marine buddy.
Watch Simon Pegg and Tom Cruise speaking to Digital Spy at the UK premiere of Mission: Impossible - Ghost Protocol: