A musical production based on the Guillermo del Toro-helmed film is in development with the director overseeing the project, Deadline reports.
The Mexican filmmaker is said to have been planning the show for some years, having met with a number of directors, composers and librettists to collaborate with.
Del Toro has co-written the book for the production with Jeremy Ungar, with Brokeback Mountain composer Gustavo Santaolalla handling the score and Paul Williams penning lyrics.
"I admire and love Gustavo, and Paul wrote the perfect album in Phantom Of The Paradise, which I have loved for decades," Del Toro said.
Pan's Labyrinth, released in 2006, tells the story of a young girl who retreats into a fantasy world to escape the horrors of Civil War-era Spain. Watch the original trailer: