The musical is based on the 1998 album "Painted from Memory," on which Bacharach and Costello collaborated. Emmy Award-nominated writer Chuck Lorre ("Mike & Molly," "Two and a Half Men," "The Big Bang Theory") approached the musicians about the project.
Lorre will pen the script, with new songs expected from Bacharach and Costello. The writers said that Broadway is the goal.
A timeline for the production was not revealed.
Bacharach (Promises, Promises) also recently collaborated with Tony Award-winning Spring Awakening book writer and lyricist Steven Sater on Some Lovers, which premiered in 2011 at the Old Globe Theatre in San Diego.
