Richard L. Bare, who directed more than 165 of the show's episodes, is working with the production company Hemisphere Two on the musical. Bare has already written a first draft of the musical's book, although no composer, lyricist or director is currently attached to the show.
The "Green Acres" musical, according to the industry paper, will pick up "as if it were another episode of the series."
No timeline for the production has been announced.
The television series, which ran on CBS from 1965-71, co-starred Eddie Albert and Eva Gabor, a New York lawyer and his wife who try to cope with living on a small farm in Hooterville.