The British composer has purchased the stage rights to the 2003 movie in which Black portrays a struggling singer who pretends to be a supply teacher and turns his young students into a rock band.
Lloyd Webber will write his own songs for the musical but also plans to include tracks which featured in the film including hits by rock legends Led Zeppelin, The Who and The Clash.
He tells Canada's CBC Radio, "Another thing that I've just got the rights to that I am very excited about - there may be songs for me in it, but it's obviously got songs in it as it stands - is that movie School Of Rock."
Lloyd Webber went on to describe the venture as a "musical about kids playing the guitar" but remained tight-lipped about further details surrounding the project.
The theatre impresario has previously scored massive hits with productions such as The Phantom of the Opera, Cats and Evita.