The stage show will be adapted from the classic children's books by Michael Bond and the award-winning films featuring Ben Whishaw as the voice of Paddington.
The musical, which will have a book by Jessica Swale and will be directed by Luke Sheppard, is undergoing a period of development and workshops.
The production is due to premiere in the United Kingdom in 2025, with further details including the full creative team, casting and dates to be announced at a later stage.
Producers Sonia Friedman and Eliza Lumley said: "It is a privilege to be creating a new musical about this gorgeous and beloved little bear with such a wonderful team.
"The magic of Paddington is that, through his wide-eyed innocence, he sees the very best in humanity, reminding us that love and kindness can triumph if we open our hearts and minds to one another.
"We cannot wait to bring Paddington, his antics, adventures and mishaps with the Brown family, and Michael Bond's other treasured characters to the stage.
"We hope to inspire audiences of all ages with fun, beauty, joy and all that Paddington stands for."
Anna Marsh, chief executive of StudioCanal which makes the Paddington films, said: "We could not be more delighted to see our beloved Paddington take to the stage shepherded by a talented and visionary team in Sonia and Eliza.
"They have opened their hearts to show a deep understanding and passion for Paddington that will no doubt transpire on stage and ensure that his adventures, created by Michael Bond over 60 years ago, continue to charm audiences in such a new and innovative way."
Paddington, first published on October 13 1958, has seen a number of adaptations over the years, including a BBC TV version in 1976, voiced by Michael Hordern.
The recent films, released in 2014 and 2017, have been box office hits and it was recently announced that a third, titled Paddington in Peru, will be released on November 8 2024.
Fletcher, who will write the music and lyrics, is a best-selling author of children's books, as well as a member of boy band McFly.
He has also written and composed live shows The Christmasaurus and There's A Monster In Your Show.
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