"Purple Rain" will be coming to Broadway.

According to PEOPLE, the iconic film starring Prince will be adapted into a musical to commemorate the 40th anniversary of the release of the film and soundtrack album.

The musical tells the fictional account of  "an up-and-coming rock musician in the Minneapolis club scene, as he contends with a tumultuous home environment, a rival band, and a budding romance.” Additionally, a new book written by Branden Jacobs-Jenkins, a two-time Pulitzer Prize finalist, based on Albert Magnoli and William Blinn’s original screenplay, will be released in concert with the musical’s premiere.

Although no production date has been revealed, the musical will be directed by Tony nominee Lileana Blain-Cruz, whose credits include "The Skin of Our Teeth," "Joe Turner's Come and Gone."

L. Londell McMillan, chairman of The NorthStar Group, and Larry Mestel, founder & CEO of Primary Wave Music, who are producers on the project, expressed their excitement about adapting the film for audiences on Broadway.

“It's been almost 40 years since Prince’s legendary film took the world by storm and we can’t think of a more fitting tribute than to honor Prince and the Purple Rain legacy with this stage adaptation of the beloved story,” the statement read.

“We are thrilled with our Broadway partners and creative team, who are bringing a theatricality to the film’s original fictional story,” the statement continued. “We can’t wait for a new generation to discover "Purple Rain" and for lovers of the original film and album to experience its power once again, this time live.”

Released in 1984, "Purple Rain" was a cultural phenomenon and turned Prince into a megastar. Featuring a cast including Apollonia Kotero, Morris Day, Olga Karlatos, and Clarence Williams III,  the film grossed $70.3 million worldwide. For the self-titled track, Prince won an Academy Award for Best Original Song Score.

The soundtrack album of the same name featured two number-one singles, "When Doves Cry" and "Let's Go Crazy" and  "Purple Rain," which peaked at number two. Considered one of the greatest albums ever, Purple Rain spent 24 weeks at the No. 1 spot on the Billboard chart and has sold over 25 million copies worldwide.

In 2019, the film was included in the National Film Registry by the Library of Congress for being "culturally, historically, or aesthetically significant."