The 'Australia' actor is set to play American showman P.T. Barnum - famed for creating the first three-ringed circus - in 'The Greatest Showman on Earth', an original contemporary song-and-dance movie.

The film will also explore the entertainer's infatuation with singer Jenny Lind, and her role is reportedly being written for 'Devil Wears Prada' star Anne Hathaway, who performed with Hugh at this year's Academy Awards.

'Sex and the City' writer Jenny Bicks is to pen the script, with 'Grace Kelly' singer Mika in talks to compose the songs. 

Hugh - who won a Tony award for his role in Broadway show 'The Boy From Oz' - will also produce the movie, along with Laurence Mark and John Palermo.

The trio are coming together again for the first time since this year's Oscars, which Hugh presented and Laurence executive produced. John was part of the writing team.

The 'X-Men Origins: Wolverine' star is said to have a keen interest in making a clutch of musical movies, and is also working with John on a remake of 'Carousel' - for which he also wants Anne to star.