It looks like Prince's "Purple Rain" will soon be taking up residency in Times Square.

Forty years after its big-screen debut made Prince a movie idol, the Minneapolis-set film is getting a stage adaptation with Broadway talent, according to Variety. The live theater version is to be adapted by playwright Branden Jacobs-Jenkins, whose "Neighbors" and "An Octoroon" played at Mixed Blood Theatre in Minneapolis.

The announced director is Lileana Blain-Cruz, a Tony nominee who also memorably directed "The Bluest Eye" at the Guthrie Theater.

With songs such as "Let's Go Crazy," "I Would Die 4 U" and "When Doves Cry," "Purple Rain" is set among familiar Twin Cities haunts, including First Avenue nightclub. It stars Prince as The Kid, a talented bandleader trying to break into the music industry while also dealing with a tough home life, musical rivals and the swings of love. Morris Day and Apollonia also star alongside Prince in the classic.

"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," L. Londell McMillan and Larry Mestel told Variety.

The two are leaders of the NorthStar Group and Primary Wave Music, owners of the Prince estate.

No Broadway playhouse has yet been announced.