The new staging of James Goldman and Stephen Sondheim's musical will also star Bernadette Peters, Jan Maxwell, Danny Burstein and Ron Raines. It is being directed by Eric Schaeffer, with choreography by Warren Carlyle and music direction by James Moore.
The show is to begin previews Aug. 7 at the Marquis Theatre in Manhattan. Opening night is planned for Sept. 12.
Paige last appeared on Broadway as Norma Desmond in "Sunset Boulevard" from 1994-97. She earned international acclaim in 1978 for creating the role of Eva Peron in "Evita" and shortly afterward for her portrayal of Grizabella in "Cats."
"When former members of the 'Weismann Follies' reunite on the eve of their theater's demolition, two couples remember their past and face the harsher realities of the present," a synopsis said. "Reminiscing of their younger selves and the years gone by, the crumbling theater brings back memories for both couples of good times and bad. 'Follies' echoes the songs, exuberance and romance of the vaudeville days between the two World Wars. The score features some of Stephen Sondheim's best-known songs, including 'Broadway Baby,' 'I'm Still Here,' 'Too Many Mornings,' 'Could I Leave You?' and 'Losing My Mind.'"