Canadian-born actor Mike Myers is writing the script for an Austin Powers musical, which is set to have songs created by Burt Bacharach and Elvis Costello.

Myers, 48, played "international man of mystery" Austin Powers in three spy spoof films, but is not expected to star in the musical, according to the Hollywood Reporter.

Instead, he is penning a prequel to the film story set in 1960s London and detailing how Powers first acquired his mighty mojo.

The talent lining up for the proposed stage production about the buck-toothed spy also includes Casey Nicholaw, who is reported in talks to direct. Nicholaw helmed The Drowsy Chaperone, choreographed Spamalot and was co-director of Broadway hit The Book of Mormon.

Warner Bros. Theatre Ventures, former HBO Films president Colin Callender, and partner Sonia Friedman are producing the musical.

Myers is also reported to be on board for a fourth film instalment as Austin Powers, but the script for that film is not yet in the works.

Myers began his comedy career at Second City in Toronto, before moving on to Saturday Night Live, Wayne's World and the Austin Powers franchise, which saw him playing the villain (Dr. Evil) as well as the spy who is not quite James Bond.

Bacharach had cameos in all three Austin Powers movies, while Costello collaborated on Bacharach’s I’ll Never Fall in Love Again in the second film.