Paltrow, who appeared on the Fox musical series "Glee" and took home the Oscar for her performance in "Shakespeare in Love," is in talks with several prospective co-producers, including Donovan Leitch and Rick Ferrari. The musical would use tunes written by the chart-topping rock band, whose members are Belinda Carlisle, Jane Wiedlin, Charlotte Caffey, Kathy Valentine, Gina Schock and Paula Jean Brown. According to the Hollywood Reporter, Carlisle and bandmates may pen new songs for the musical, and major Broadway writers are being considered to write the book.

The Go-Go's, which formed in Los Angeles in 1978, are known for their hit songs "Our Lips Are Sealed," "We Got the Beat," "Vacation," "Turn To You," "Cool Jerk," "I'm The Only One," "This Town" and "Lust To Love," among others.

Additionally, Paltrow is looking to produce a movie musical entitled "One Hit Wonders" with "Glee" producer Ryan Murphy.