Producers Julian Schlossberg and Letty Aronson, who also produced Allen's recent Broadway venture Relatively Speaking, are behind the project.
Allen is at work adapting his original 1920's-set screenplay, co-authored with Douglas McGrath, for the musical, which will incorporate pre-existing songs from the period. Additional information on the creative team, a theatre and dates of production will be announced at a later date.
"Bullets Over Broadway" centers on an aspiring playwright who finds out that his play God of Our Fathers is getting the Broadway treatment thanks to a wealthy gangster who has taken a sudden interest in producing. The only snag is that his dim-witted moll has to star in one of the leading roles. Thrown into the mix are a mafia thug with a real knack for playwrighting and a theatrical grand dame who gives Norma Desmond a run for her money.
The original film starred John Cusack as playwright David Shayne, Dianne Wiest as actress Helen Sinclair, Chaz Palminteri as mobster Cheech and Jennifer Tilly as mob doll Olive Neal. Wiest earned an Academy Award for her performance. Allen's screenplay was Oscar-nominated.