The Devil Wears Prada musical in the works with Elton John

Anne Hathaway Meryl Streep Emily Blunt Devil Wears Prada
Anne Hathaway, Meryl Streep and Emily Blunt in the 2006 film The Devil Wears Prada

Hold on to your handbags: The Devil Wears Prada is being made into a musical with the industry's best-dressed man - Sir Elton John - at the helm.

That's right, a stage show is the next iteration being planned for the story, which was first released as a novel in 2003 and then a hit film in 2006 starring Meryl Streep, Anne Hathaway and Emily Blunt.

Sir Elton will write the music, with book and lyrics by Paul Rudnick.

In a statement, Sir Elton said he was a huge fan of the book and film, not to mention the fashion world: "Re-imagining The Devil Wears Prada for the musical theatre is super exciting… I can't wait to sink my musical teeth into this hunk of popular culture."

Sir Elton John Devil Wears Prada
Sir Elton John already has several popular musicals to his name (File)

Producers Bob Cohen and Kevin McCollum said they needed to find a creative team "as inimitable as the characters in the story".

"We needed artists whose work has run the gamut from music and publishing to drama and fashion. We could think of only two names: Elton John and Paul Rudnick."

Sir Elton already has several popular musicals to his name: The Lion King, Billy Elliot and Aida.

The Devil Wears Prada tells the story of Andy Sachs (played by Anne Hathaway in the 2006 film), a smart but rather fashion-ignorant woman who gets a job working for notorious fashion magazine editor Miranda Priestly (Meryl Streep).

Both Hathaway and Streep have appeared in musical films - Hathaway in Les Miserables, Streep in Into the Woods, Florence Foster Jenkins and Mamma Mia, among others.

It's not known whether they will be involved in the musical - no casting or production timeline has been announced. The musical has been in the works since 2015.

Newshub.