Although the stage project is only in its early stages, the musical will utilize John's vast catalog of songs for its score.
Like the upcoming biopic about the singer-songwriter, the musical will also be called Rocketman. Lee Hall, who worked with John on the Tony-winning musical Billy Elliot, will be involved in this project as well.
A Broadway opening is expected prior to a London debut, although no official announcement about the production has been made.
Producer Sally Greene, from London's Old Vic Theatre, told The Sun which originally broke the story, "It's in the works right now…It will be called Rocketman but we will do the film first."