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The RockNRolla filmmaker has described the project as a cross between "Wurzel Gummidge and Bullitt", The Sun reports.
A source said: "Guy and Jason are collaborating closely on this top secret musical project. They're well into development and realise they're probably going to get a lot of stick.
"But Guy's of the opinion that people have been having a pop at him throughout his career, so he couldn't care less. He wants to do something audacious and a musical is just that."
Another added: "[Statham's] really excited. He's been watching loads of vintage musicals on DVD. He’s poring over Fred Astaire and Ginger Rogers classics.
"But West Side Story has really captured his imagination. He was brought to tears the first time he watched it."
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