EMI will use the brand for one of many dancing and single titles coming to Nintendo Wii, according to MCV.
The first edition will feature ten tracks from artists Jessie J, Dizzee Rascal, JLS, Rihanna and more.
Now! That's What I Call Music will be developed by new studio Tubby Games, who worked on 2004's Dance:UK on PlayStation 2.
"This all feels a bit Ocean's Eleven - the team is back together and we have a hugely powerful music brand in Now!," said strategy director Neil Meredith.
"Now! is an evergreen title that can hold in the charts over time. We have had a great reaction from retailers already and have high expectations for it in the UK and across Europe."
Meredith added: "And this isn't about a quick volume sell-in, but extending the brand in the right way. We hope Now! can repeat the success it has had in music in games."
Now! That's What I Call Music's first edition on Wii will launch later this year.
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