The actor will co-direct the production with choreographer from a new book by Oscar-nominated screenwriter Richard LaGravenese.
The new "Pal Joey", which is scheduled to hit the stage at the end of 2022, will feature additional music from songwriters Richard Rodgers and Lorenzo Hart's catalogue, including "The Lady in a Tramp" and "Falling in Love With Love", as well as Pal Joey's original numbers "Bewitched, Bothered, Bewildered" and "I Could Write a Book", according to Deadline.
Goldwyn and Glover's musical will be set in the 1940s, a decade after the original, which debuted on Broadway in 1940 with a cast that included Gene Kelly and Vivienne Segal and inspired the 1957 film, starring Frank Sinatra, Rita Hayworth and Kim Novak.
The musical last hit Broadway in 2008, when Joe Mantello directed the critically-slammed musical, starring Stockard Channing and Matthew Risch, an understudy to the production's original lead, Christian Hoff, who had to exit the show due to an injured foot.
A 1995 New York City Center Encores! Pal Joey concert, featuring Peter Gallagher and Patti LuPone, was much better received.
Goldwyn is not new to Broadway - his theater credits include "Holiday", "Network" and "The Inheritance", which swept this year's Tony Awards.
"Pal Joey" will serve as a reunion for the "Ghost" star and LaGravenese, who co-created and produced 2014 series "The Divide". It will include set designer Derek McLane, costume designer Emilio Sosa and orchestrator-arranger-music supervisor Daryl Waters in its creative team.