Michael Gracey is directing the film that will feature songs by Tony Award-nominated Christmas Story writers Benj Pasek and Justin Paul as well as song contributions by Bonnie McKee, Brian Lapin and "Scissor Sisters" front man Jake Shears.
The film will focus on Barnum's rise to fame and his relationship with opera singer Jenny Lind. Jackman and John Palermo are producing with Laurence Mark.
Jackman currently stars in the hit Broadway engagement of The River.
Filming for "The Greatest Showman on Earth" is expected to begin this summer in New York City.