The Really Useful Group is working with Warner Music Group on the production, reported Los Angeles Times.
Previews will begin on November 2, 2015 at the Winter Garden Theatre, with an opening set for December 6.
Besides featuring songs from Richard Linklater's 2003 film, there will be new music written by Lloyd Webber with lyricist Glenn Slater, and there will be a book produced by 'Downton Abbey's Julian Fellowes.
The show will be directed by Laurence Connor, who is currently working on Broadway's 'Les Miserables'.
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"It will be a joy to discover and work with talented musical kids in the USA and, who knows, maybe discover a rock star or three of the next generation."
Casting for the show will begin in the new year, with auditions expected to be held across the US in cities including New York, Chicago and Los Angeles.
A TV series based on the film is also in the works, with Tony Cavalero set to play Dewey.