The Iron Man actress is close to signing a contract to create a new theatrical production about the 1980s girl band, according to The Hollywood Reporter.
If she agrees to a contract, she will work with several co-producers, including Donovan Leitch and Rick Ferrari.
The musical would be based on the lives and music of the girl group that included the members Belinda Carlisle, Jane Wiedlin, Charlotte Caffey, Kathy Valentine, Gina Schock and Paula Jean Brown.
The band are known for their 1980s hits 'Vacation', 'We Got the Beat' and 'Our Lips Are Sealed' among others. They became the first all-girl group that played their own instruments to top the US charts. They have recently commenced an autumn tour of the US.
The Go-Go's members are said to be looking to be involved with the project, while also possibly writing brand new material for it.
Paltrow is also set to produce a new movie musical titled One Hit Wonders with Glee producer Ryan Murphy.
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Watch the video for 'Our Lips Are Sealed' by The Go-Go's below: