Universal will back the yet-untitled project, described as "an R-rated musical comedy featuring two pilots on a misadventure."

Gordon-Levitt reportedly came up with the idea in collaboration with Michael Bacall, who will write the screenplay. Gordon-Levitt has one Broadway credit, as co-producer of the 2008 Slava's Snowshow. He will also co-produce the unnamed film musical.

Tatum has been mentioned in connection with several theatre-related projects in recent years, including a possible film remake of Guys and Dolls and a stage adaptation of the hit film "Magic Mike," in which he sang and danced. He's featured in the new film musical "Hail Caesar!," which opens today.

The two sang and danced as a team during the opening number of the 2013 Academy Awards broadcast.

No production schedule or premiere date has been announced.

Check out the Playbill.com story, "How Newsies's Tony-Winning Choreographer Made a Tap Dancer Out of Channing Tatum."