July 18 (UPI) -- Paul McCartney will adapt the beloved film It's a Wonderful Life as a new musical.
The New York Post confirmed Wednesday the 77-year-old British singer and musician is developing a stage version of the classic Christmas movie.
The new production marks McCartney's first musical. He is writing music and lyrics for the show, with Lee Hall to pen the book and co-write lyrics and Bill Kenwright to produce.
"Writing a musical is not something that had ever really appealed to me," McCartney said in a statement. "But Bill and I met up with Lee Hall and had a chat and I found myself thinking this could be interesting and fun. It's a Wonderful Life is a universal story we can all relate to."
Variety said Kenwright obtained rights to It's a Wonderful Life in 2016 and reached out to McCartney, who started working on the project last year.
"Out of the blue I got an email from Paul asking my thoughts on his first stab at an opening song," Kenwright recalled. "He wasn't sure -- but wanted to know what Lee and I thought of it? I played the demo. Lee and I were unanimous. Our hero was a musical theater writer!"
McCartney, a founding member of the Beatles, is still in "the final stages" of completing songs for the musical. The production is slated for a late 2020 launch in the U.K., with a later move to Broadway.
It's a Wonderful Life stars James Stewart and Henry Travers, and opened in theaters in 1946. The movie follows George Bailey (Stewart), a man contemplating suicide on Christmas Eve when his guardian angel (Travers) intervenes.