Aaron Johnson is also in talks. Sources stress that no deals will be done until the finished script materializes.
Character descriptions, along with other plot details, are under wraps for now.
Pic will bow May 16, 2014, with production expected to start next month. While the talent is still looking at the script, Legendary found it important to lock in its leads to make its March start time.
Best known for her breakout role in the 2011 Sundance pic “Martha Marcy May Marlene,” the Gersh-repped Olsen has largely stuck to her indie roots with roles in “Kill Your Darlings” and “Liberal Arts.” She does have FilmDistrict’s remake of “Oldboy” set to bow later this year, but “Godzilla” would mark her first tentpole feature.
Olsen had been on the lookout for a franchise pic with Paramount showing interest for her on “Teenage Mutant Ninja Turtles” reboot and testing for “Captain America: Winter Soldier,” for a role that eventually went to Emily VanCamp.
With “Breaking Bad” going into its final season, Cranston’s schedule should be opening up for more film roles. The UTA-repped actor was able to squeeze in Sony’s “Total Recall” and Warner Bros.’ “Argo” while also filming a 16-episode season of the AMC show.