Walden Media and Summit Entertainment have hired the Friends star and Liam Aiken for the musical comedy.
Vanessa Hudgens, Alyson Michalka and Scott Porter will also star in the production.
David Bowie is currently in talks to join the cast.
The plot, which was written by Todd Graff and Josh Cagan, takes place in a high school, where the most popular girl and boy form a band to participate in the school’s music competition.