"I always wanted to produce a Broadway show, and I've never done it," Davis told the Times. "I'm hopeful we will prepare and finalize everything this year to bring My Fair Lady next year to Broadway with a stellar cast. I don't want to jinx myself, but we're in discussions with two magnificent performers and a wonderful director to do that."

My Fair Lady opened on Broadway in March 1956 and starred Oscar winner Julie Andrews as Eliza Doolittle opposite Rex Harrison as Henry Higgins, who received a 1957 Tony Award for his performance. The work also took home Tony Awards for Conductor and Musical Director (Franz Allers), Costume Design (Cecil Beaton), Direction (Moss Hart), Scenic Design (Oliver Smith) and Best Musical.

Davis added, "I was always hoping that the tradition of great musicals giving birth to songs that are part of the fabric of our culture would continue. But that has not happened. We've had hit Broadway shows, but the scores have not really been up to that golden-era tradition.

"So since that has not occurred, I really want to make sure that the greatest musical of all time — which to me is My Fair Lady — can show once again why a classic can be as meaningful half a century later as it was when it originally opened. I look forward to that."

Five-time Grammy recipient Davis has worked with artists such as Whitney Houston, Janis Joplin, the Grateful Dead, Carlos Santana, Barry Manilow, Alicia Keys, Kelly Clarkson, Aretha Franklin, Christina Aguilera and Harry Connick, Jr., among others.