The Australian entertainer is currently composing music and penning lyrics for the production, based on Bill Murray's classic comedy about a weatherman who lives the same day over and over again.
The movie's screenwriter Danny Rubin is also working on the musical.
Announcing the project on his blog, Minchin writes, "Our version of Groundhog Day is going to be both instantly recognisable, and utterly different... I think many of its ideas could be enhanced by the stage. It has the potential to be complex, dark, visually fascinating, and thematically rich, whilst still being a joyous romantic comedy with cool tunes and lots of gags."
This isn't the first time Minchin has been part of a film-to-stage adaptation - he wrote the music and lyrics to the Tony Award-winning musical Matilda.