Ryan Murphy is set to direct and produce a big screen version of the stage show, which is currently playing on Broadway.
It tells the story of a group of struggling Broadway actors who try to make a name for themselves by helping out high school teenager Emma who is banned from taking her girlfriend to prom.
According to Deadline, Meryl Streep will play the role of Broadway actress Dee Dee Allen and James Corden will appear as her on stage co-star Barry Glickman. Nicole Kidman and Andrew Rannells are to play Broadway performers Angie Dickinson and Trent Oliver respectively.
Awkwafina will play the group's publicist Ms. Sheldon with Keegan-Michael Key as high school principal Tom Hawkins.
It's reported that Broadway star Ariana DeBose will star in the role of Alyssa, daughter of the head of the PTA and secret girlfriend of fellow high school student Emma, who will be played by newcomer Jo Ellen Pellman.
The book, music and lyrics will be written by the Broadway creative team - Matthew Sklar (music), Chad Beguelin (lyrics & book) and Bob Martin (book) - based on the original concept by Jack Viertel.
Filming will begin this December with a release date set for autumn 2020.
The Prom held its worldwide premiere in Atlanta in 2016 before transferring to Broadway in November, 2018. It was announced this month (June) that the production will close on August 11 after more than 300 performances.
A North American tour has already been announced for February 2021.
The original Broadway production scooped numerous awards and nominations, picking up Outstanding Musical at the 2019 Drama Desk Awards.