The Academy Award-winning 1997 documentary, which Sonenberg also produced, traces the 1974 boxing match between the two legends. The musical is expected to use popular songs from the era for its score, including those featured in the film.
"The story fuses music, sports, dance, politics, race and culture in a way that should appeal to a broad, pan-generational audience," Sonenberg told Variety.
Sonenberg did not reveal the identity of the writer who is adapting the documentary for the stage. A New York reading later this year is the goal, with a possible future eye towards Off-Broadway in 2014 or before.