Deadline reports that Belle Pictures and The Mark Gordon Company will produce the upcoming film at Alcon Entertainment, a subsidiary of Warner Bros.
['Memphis' cast performance at the 2010 Tony Awards]
The musical, which was created by David Bryan and Joe DiPietro, won the Tony award for 'Best Musical' in 2010, as well as the accolades for 'Best Book of a Musical,' 'Best Orchestration' and 'Best Score'.
It is currently touring the US until the summer of 2013.
DiPietro is attached to write the screenplay for the adaptation, though it is unclear if the original players from the Broadway cast will star in the film.
There is no word yet on when the Memphis movie is expected to be released.
Watch a highlight reel from the opening night of the Memphis national tour below: