Paul McCartney working on musical adaptation of It's A Wonderful Life.

According to new reports the New York Post  and some London newspapers,  music legend Paul McCartney is currently at work on a musical adaptation of the classic holiday film, It's A Wonderful Life.

The adaptation, produced by Bill Kenwright, is the first move into the theatre genre for the former Beatle with Lee Hall (Billy Elliot)  writing the book and co-writing the lyrics with McCartney.

One of the  classic Christmas movies starring James Stewart, It's A Wonderful Life tells the story of George Bailey, the nicest guy in town in a terrible predicament. When a series of bad breaks leaves George perched precariously on a bridge on the verge of suicide, his guardian angel, Clarence visits Earth to show George what his hometown Bedford Falls would be if George had never been born.

According to the Post, an early demo of the score has been making the rounds and is rooted in "musical theatre style, while still giving his diehard fans that soulful McCartney sound." And is also described as having "a bona fide lost Beatles album, with one spectacular number's rousing ending bringing to mind the "Na Na Na Na Na"s of 'Hey Jude.'

McCartney said Writing a musical is not something that had ever really appealed to me,But Bill and I met up with Lee Hall and had a chat and I found myself thinking this could be interesting and fun."

There are no current details as to when the musical would hit the stage, but it is likely to start its life in the UK before making its way to Broadway.