Jackman, who is best known for his "X-Men" films, won a Tony Award for his work in the Broadway musical "The Boy From Oz."
The New York Post said Jackman is considering returning to the New York stage to play Mason's character Norman Maine, an alcoholic movie star whose career is on the decline.
The new musical is to feature the movie's Harold Arlen-Ira Gershwin songs, including "The Man That Got Away" and the "Born in a Trunk" medley -- "Swanee," "I'll Get By" and "Melancholy Baby," the Post said.
The show could open on Broadway in 2009 or 2010, following a workshop production this year.
Attkisson leaves CBS News, reportedly over network's 'liberal bias'
Ohio bar shooting arrested, charged with murder