Gywneth Paltrow is currently in talks to helm a new musical based on the girl band The Go-Go's.

The actress is said to be close to signing a contract to create a new theatrical production about the 1980s' group, according to The Hollywood Reporter.

The musical would be based on the lives and music of Go-Go's Belinda Carlisle, Jane Wiedlin, Charlotte Caffey, Kathy Valentine, Gina Schock and Paula Jean Brown.

The Go-Go's became the first all-girl group that played their own instruments to top the US charts and are best known for hit singles Vacation, Our Lips Are Sealed and We Got the Beat, among others.

The band, who recently commenced an autumn tour in the US, are said to be keen to get involved with the project and would possibly write brand new material for it.