"Quiz" will be adapted from James Graham's play about a former British army major, who cheated his way to winning $1.2 million (£1 million) on the game show with the help of his wife and an accomplice, who was sitting in the audience.
The three-part TV drama will chronicle the scandal from the contestant's obsession with appearing on the show to the fallout from the discovery he had been cheating.
Graham's play enjoyed a sold out run at Chichester Festival Theatre in England before hitting London's West End.
Macfadyen will play the cheating Charles Ingram, while Sheen will tackle British TV personality Chris Tarrant, the previous host of the TV quiz show. Stephen Frears will direct.