The company and Jackman have now selected their first venture, Variety reported. It is a film musical version of "If You Could See Me Know," a novel by Cecelia Ahern, the 23-year-old daughter of the Prime Minister of Ireland, Bertie Ahern.

The story tells of a lonely child with an imaginary friend—the Jackman role. The kid is being raised by his aunt, who one day is magically able to see Jackman, resulting is an unlikely romance.

The book will be published by Hyperion in early 2006.

Jackman will co-produce and star in each new Disney musical project. Jackman's producing partners include John Palermo, Craig Zadan and Neil Meron. Zadan and Meron were the producers of the hit "Chicago" film and are currently working on the musical film of "Hairspray."

Jackman's movie deal could include a remake of a classic musical. About that prospect, the actor told Variety, "There might be a classic out there that can be redone and find an audience, but I am personally more interested in finding something new." Jackman, who scored raves and a Tony Award for his performance in Broadway's The Boy From Oz, will also partner with Palermo to produce the third installment of "X-Men" plus a spinoff feature of "Wolverine."