Breaking News: Elton John and Paul Rudnick Writing THE DEVIL WEARS PRADA Musical

Sir Elton John and Paul Rudnick are writing the new Broadway musical, The Devil Wears Prada. Based on Lauren Weisberger's best-selling 2003 novel and the 2006 blockbuster film from Fox 2000 Pictures and, the new musical will be produced by Kevin McCollum, Fox Stage Productions and Rocket Entertainment.

A production time-line will be announced at a later date.

Bob Cohen of Fox Stage Productions and Kevin McCollum issued a joint statement: "To bring The Devil Wears Prada to the stage, we knew we needed to find artists as inimitable as the characters in the story. We needed artists whose work has run the gamut from music and publishing to drama and fashion. We could think of only two names: Elton John and Paul Rudnick... That's all!"

Elton John said, "Re-imagining The Devil Wears Prada for the musical theatre is super exciting. I'm a huge fan of both the book and the feature film, and a huge aficionado of the fashion world. I can't wait to sink my musical teeth into this hunk of popular culture."

The Devil Wears Prada is the story of Andy Sachs, a smart, curious and innocent young woman making her way in the world. Andy's a few years out of college and while she's determined to become a serious writer, she's waylaid into a job as a Second Assistant at Runway, the world's foremost fashion magazine. Andy ends up working for Miranda Priestly, Runway's legendary, notorious Editor-in-Chief. Miranda is brilliant, impossibly demanding and merciless, and she introduces Andy to 15 hour workdays, the glory and complexity of fashion, and the dazzle of Fashion Week in Paris. Along the way, Andy finds friendship, romance and a killer wardrobe. She also begins to grow up and decide exactly who she truly wants to be, amid the many temptations of a high-octane Manhattan career. The Devil Wears Prada explores a world that's passionate, comic and touching: as Andy discovers, it's a great ride.

The Devil Wears Prada movie opened in June 2006 and went on to gross $326 million worldwide. Lauren Weisberger's novel spent six months on The New York Times bestseller list.