Zadan and Meron hope to have the ABC project ready for broadcast by the end of 2007, Variety reported. No one has been cast in the lead roles of Peter Pan and Captain Hook yet.

Irene Mecchi, who wrote the script for Zadan and Meron's TV version of Annie, will write the teleplay, which will be based on the original Broadway musical.

"It's not unlike what we're doing with 'Hairspray,'" Zadan told Variety. "We're not taking the shows verbatim and putting them on film. We're reinventing them while honoring the basic material."

Peter Pan, which is based on the play by James M. Barrie, has lyrics by Carolyn Leigh, music by Mark Charlap, additional music by Jule Styne, additional lyrics by Betty Comden and Adolph Green. It first played on Broadway in 1954 with Mary Martin in the title role. It returned for a long run in 1979 with Sandy Duncan as the boy who won't grow up. Revivals in 1990, 1991, 1998 and 1999 all starred Cathy Rigby.

Martin's performance was captured on television in 1955.