Rumours about the project have been flying around Hollywood ever since the actress won a Tony Award for the role on Broadway, and now the project has a director and a start date.
Rob Ashford will take charge of the production, while Tom McRae will tackle the screenplay, based on Billy Wilder's classic Academy Award-winning film and Christopher Hampton's rework for the stage.
The movie is set to start shooting in October, according to multiple sources.
Gloria Swanson portrayed faded silent-screen siren Norma Desmond in Wilder's 1950 movie, while Lloyd Webber's musical debuted at his Sydmonton Festival in Britain in 1991, starring Ria Jones. Patti LuPone led London's "West End" run in 1993, and Close took over the role when the stageshow opened in Los Angeles in December, 1993, ahead of a Broadway run in 1994.
She reprised the role of Desmond in 2016 for runs on Broadway and the "West End", and picked up an Olivier Award for the London show.
According to sources, TV director and producer Ryan Murphy, known for shows such as "Glee" and "American Horror Story", was approached to tackle the film version of the musical, but his representative denied his involvement in 2017.
Producers are now on the hunt for an actor to play Joe Gillis, who has been previously played onstage by Michael Ball and Hugh Jackman.
This could be the role that finally breaks Glenn's Oscars duck after becoming the most nominated actress without a win. She lost again at the weekend (February 24), when Olivia Colman took home the gold for her royal role in "The Favourite". Glenn was nominated and expected to win for her performance in "The Wife".