The pair will work together on The Phantom Of Manhattan, set 20 years after the original.
Lord Lloyd-Webber says, "It's taken me ten years to decide to do this and I want to base it on the ideas I had with Freddie Forsyth years ago for something called The Phantom Of Manhattan that came out as a book.
"There are various things in the plotting that I'm not very happy with and I think I've solved them. I hope we can sort them out but I'm really pretty buzzed up about it."
Source: WENN