Mike Myers, who created and starred in the three films, and Warner Bros. Theatre Ventures are developing the stage musical, which will be produced by Colin Callender and Sonia Friedman.
The musical, which will be a prequel to the films, will feature the music of Burt Bacharach and Elvis Costello. The production, set in 1960s London, will detail how "Powers first acquired his mighty mojo," according to the industry paper.
Myers, who has also signed a deal for a fourth "Austin Powers" film, will not star in the Broadway production, according to a previous New York Post article.
The "Austin Powers" trilogy, which included "Austin Powers: International Man of Mystery," "The Spy Who Shagged Me" and "Goldmember," grossed $676 million worldwide.
Casey Nicholaw received a Tony Award for Best Direction (with Trey Parker) for Book of Mormon and a Tony nomination for Best Choreography for that hit musical. He received Tony, Drama Desk and Outer Critics Circle nominations for his work on The Drowsy Chaperone as well as Tony, Drama Desk and Outer Critics Circle nominations for Best Choreography for Spamalot. He also directed and choreographed Elf: The Musical, as well as the Encores! productions of Follies and Anyone Can Whistle and choreographed the Encores! production of Bye Bye Birdie, the New York Philharmonic staging of Candide and the Carnegie Hall presentation of South Pacific.
No official announcement about a Broadway production has been made.