Patrick Pachecho reported on the cable channel NY1 that the project, called Turn of the Century, is a kind of jukebox musical filled with American pop standards. Brickman and Elice were Tony Award-nominated for Best Book of a Musical for the smash Tony Award-winning jukebox show, Jersey Boys. Elice's Playbill bio in indicates he's indeed working with Brickman and Tune on a new Broadway musical.
According to NY1, the new project is about a modern cabaret duo (a female singer and her pianist) who go back in time to 1900 and realize that the major song hits of the 20th century have yet to be written.
The Goodman Theatre in Chicago is reportedly exploring the property, though it's not on the resident troupe's 2007-08 season. A spokesperson for the Tony Award-honored Goodman said the theatre explores a variety of new projects for its coming seasons. No official announcement about Turn of the Century has been made.