FilmNation Entertainment has been selected to sell international rights to the film, which is scheduled to begin production in Dublin this summer.
Bono and The Edge, whose Spider-Man Turn Off the Dark concluded its Broadway run earlier this year, will be involved in the film's music as well as the film itself.
"Sing Street" will tell the story of 14-year-old Cosmo, who grows up in 1980s Dublin and tries to break free from his childhood home. When he realizes he can't save his family, he runs off with his wannabe-model girlfriend to London.
Anthony Bregman and Carney are producing in partnership with Kevin Frakes, Raj Brinder Singh, Paul Trijbits and Christian Grass.