Chris Murphy, who is now an adviser to the group, has revealed he's working with "strong creatives" in London and New York and is close to announcing firm plans for a theatrical venture featuring songs like New Sensation and Never Tear Us Apart.

Murphy, who managed the band from 1979 to 1995, tells Billboard, "We're developing two different scenarios, one of which is very closely related to the band's story. The other is a separate story altogether. We'll choose the one that works best for the audience."

He hopes to stage the musical in 2017.

Inxs were one of the world's biggest bands in the 1990s, led by the enigmatic Michael Hutchence, who committed suicide in a Sydney, Australia hotel room in 1997.

The band enjoyed a resurgence last year (14) thanks to the success of biographical TV mini series INXS: Never Tear Us Apart, which became a hit in the band's native Australia.

If Murphy's plan comes together, INXS will become the latest band to find success on the theatre stages of the world with a musical based on hits - Queen, Abba, The Kinks and Green Day are among the groups who have found a theatrical outlet for their songs in the musicals We Will Rock You, Mamma Mia!, Sunny Afternoon and American Idiot, while Billy Joel and Carole King's hits have also inspired hit musicals.