"The Rose" follows a self-destructive rock star struggling to deal with the pressures of fame and her ruthless business manager in the 1960s.
The story is loosely based on the life of Janis Joplin and was nominated for four Academy Awards, including best actress for Midler in her big screen debut.
Grammy-winning composer and record producer Glen Ballard will be working on the songs for the adaptation, reported Variety.
"Bringing 'The Rose' to Broadway was a true labour of love. The story lends itself perfectly to a live musical production: it's a roller-coaster journey through the life of a volatile star, a celebration of music, and a visual homage to the dazzling culture of rock and roll.
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