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5 June 2017, 12:58 | Updated: 5 June 2017, 13:16
The show, which is set for 2018, comes from the team behind the Michael Jackson-themed musical, Thriller Live.
A Prince musical is set to tour the UK in honour of the late star.
Now a musical, named Purple Rain after his hit single and album of the same name, based on his greatest hits is in the works.
The creators behind the Michael Jackson themed musical Thriller Live are the creative minds behind the show, and is set to showcase Prince's most famous work including tracks such as Raspberry Beret, Kiss, When Doves Cry, and Little Red Corvette.
Director Gary Lloyd said in a statement: "Prince's music and constant reinvention is legendary, so to get the opportunity to bring that and all his colourful characters to the theatrical stage is a dream.
"There is also a real appetite for live music shows that showcase the musicians as part of the performance. Prince was all about this. Prince was a consummate, theatrical artist, but in our show his music is the star.
"There will be so much for audiences to enjoy whether they're fans of musical theatre, Prince, or both. Purple Rain is a fast-paced, music lover's night out that will tease, surprise and excite audiences in the same way he did."
The cast of the show will be made up of 26 actors, who will tour the UK in 2018, starting in Bromley on February 1 before making their way to dates in Manchester, Plymouth, Birmingham, Blackpool, Edinburgh, Hull, Ipswich, and Belfast.
Meanwhile, the late star was honoured with a speech delivered by his sister Tyka Nelson at the American Music Awards in November.
She said: "Prince defied the odds. A black teen from Minneapolis with a goal to electrify the world, he had the courage to be different. With his vision [and] God-given talent, he is still one of the world's most respected and loved artists.
"What he told me was that he wanted to be known as the world's most prolific songwriter. And with 984 titles to his credit and counting, he has done just that.
"In the words of Prince: 'With love, honour and respect for every living thing in the universe, separation ceases, and we all become one being, singing one song.'"