The films of Lord of the Rings have sparked more interest in Tolkien

The �8m production would be the most expensive musical ever seen in London and would last three-and-a-half hours.

"I am confident we can put on the whole of Middle-earth and tell the story of the entire trilogy," co-producer Kevin Wallace told the Sunday Telegraph.

The Return of the King, the last part of the Lord of the Rings film trilogy, won 11 Academy Awards last month.

"I have been in theatre for 25 years and I know the power of theatre in telling epic stories," said Mr Wallace.

"I believe that we will be able to make a version of 'The Lord of the Rings' that will be a brilliant piece."

The musical would feature dozens of actors playing hobbits, elves, orcs and other characters, and would feature epic battle scenes.

The musical would follow immense interest in Tolkien's work since Peter Jackson released the first of his films, The Fellowship of the Ring, in 2001.