Entertainment Weekly said producers Kevin Davenport and Bob Gaudio shared plans Monday for the as-yet-untitled production featuring Diamond's songs.
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Michael Mayer, who won a Tony for Best Direction of a Musical for Spring Awakening, will direct the new musical, with Bohemian Rhapsody screenwriter Anthony McCarten to write the book.
"I've always loved Broadway," Diamond said in a statement. "The inspiration for many of my early songs came from shows like West Side Story, My Fair Lady, and Fiddler on the Roof, so it seems only fitting to bring my songs to The Great White Way. I'm honored and excited to be working with this great team."
The Hollywood reporter said the production will recount Diamond's origins as a poor Jewish kid in Brooklyn and trace his five decades in music.
McCarten, also known for writing The Theory of Everything and Darkest Hour, is a longtime fan of Diamond.
"On the mantelpiece in my childhood home in New Zealand, there were always two pictures: one was of the Pope, the other of Neil Diamond. The epic musical catalogue of this Rock and Roll Hall of famer flowed endlessly off our family record player," he said. "Imagine my excitement, then, when the opportunity arose to work with Neil on a musical based on his life and music. A very, very easy and so sweet 'Yes!'"
Diamond, 78, is known for such hits as "Cracklin' Rosie," Song Sung Blue and "Sweet Caroline." He has sold more than 130 million records worldwide, and released 39 Top 40 singles.
