Sir Elton John's Rocket Features banner will adapt musical 'Joseph and the Amazing Technicolor Dreamcoat' for the big screen.

The 66-year-old singer's production company has acquired film rights to Andrew Lloyd Webber and Tim Rice's famed musical which 'The Diving Board' hitmaker will executive produce alongside the composer and lyricist.

Steve Hamilton Shaw and David Furnish who will produce are ''excited'' about the project.

Shaw explained: ''Joseph and the Amazing Technicolor Dreamcoat is one of the most popular musical experiences ever conceived.

''We are excited about the huge potential of a contemporary animated version, and we're thrilled to bring this to the big screen in partnership with Andrew Lloyd Webber and Tim Rice.''

The musical which is based on the coat of many colours story of Joseph from the Bible's Book of Genesis premiered on Broadway in 1982 at the Royale Theatre and become a box office hit shortly after.

The forthcoming film is being adapted in association with Webber's The Really Useful Group and he is thrilled to share the story with ''many more'' people.

The 65-year-old star stated: '''Joseph and the Amazing Technicolor Dreamcoat' started in a school and was the first step on the path that led to my musicals with Tim Rice.

''It is now being performed all over the world by a fourth generation of school kids, and a great movie can only help Joseph being part of the lives of many more.''