Andrew Lloyd Webber and Sir Cameron Mackintosh are to join forces for a West End revival of their celebrated musical Evita.
Webber and Mackintosh are passionate about the West End
"Andrew and Cameron have been actively discussing a number of projects and Evita is definitely one of them," said Lord Lloyd-Webber's spokeswoman.
However, she said it was early days and that the show would probably not reach London's West End before 2005.
The Daily Mail has tipped Denise Van Outen to play the role of Eva Peron.
Evita is the story of Eva Peron, who become a heroine in her native Argentina, helping bring in new laws which for example gave Argentine women the vote for the first time, and extended equal rights to illegitimate children.
Lord Lloyd-Webber and theatre impresario Mackintosh are two of the most powerful figures in British theatre.
They have been outspoken about the state of London's West End, predicting a potential crisis if steps are not taken to improve traffic congestion, poor transport and fear of street crime.
Sir Cameron is spending £35m revamping six of his West End theatre venues and building a new one in an attempt to boost audiences.
Lord Lloyd-Webber is currently working on a musical based on Wilkie Collins' classic novel The Woman In White with playwright Charlotte Jones and lyricist David Zippel.
Big things are expected of it after the relative commercial disappointments of recent compositions such as The Beautiful Game and Whistle Down the Wind.
But the Bollywood-inspired Bombay Dreams has been a box office hit, despite earning mixed reviews from the critics.
Lord Lloyd-Webber is preparing the show for its North American première in 2004.
A film version of The Phantom of the Opera, directed by Phone Booth director Joel Schumacher, is also in the pipeline.
Sir Cameron's successful productions have included My Fair Lady, Les Miserables and Phantom of the Opera.
A recent report from the Theatre's Trust warned that West End theatres need a £250m investment programme if they are to survive.