The Australian Tony Award winner, who recently finished a two-month run in his record-breaking one-man show Hugh Jackman, Back on Broadway, will debut as magician Harry Houdini in the new musical in 2013.
Academy Award winner Aaron Sorkin will make his Broadway debut as the librettist for the production, while Stephen Schwartz has created the music and lyrics. Jack O'Brien has been revealed as the director of the musical, and it will be produced and designed by Scott Sanders and David Rockwell.
Jackman said in a statement: "I have been deeply fascinated by the life of Harry Houdini since I was young, and in many ways I've been preparing for this role my whole life. I am thrilled to be collaborating with this collection of artists who are all at the top of their game."
Sorkin added: "Rather than being a biography, Houdini - told in a contemporary tone - tells the story of an epic battle that took place between the world's greatest illusionist and a trio of women, known as 'Spiritualists', who convinced millions of people... that they could communicate with the dead.
"The chance to collaborate with Stephen Schwartz, Jack O'Brien and Hugh Jackman on a new Broadway musical is a huge gift."
Jackman recently accepted a lead role in the movie adaptation of Les Misérables. Amanda Seyfried and Taylor Swift are also rumoured to be in talks to star in the film.
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Watch Hugh Jackman perform alongside Neil Patrick Harris at the 2011 Tony Awards below: