Billed as "a timeless story with more contemporary resonances than are comfortable", it will premiere at Australia's Adelaide Festival.
Mrs Marcos was found guilty of corruption in the mid-1990s, but her conviction was overturned on appeal.
The charges were part of a wider case alleging that Mrs Marcos and her husband, former President Ferdinand Marcos, plundered the nation's economy between 1968 and 1986.
The pair were overthrown in a popular revolt in 1986 and fled to Hawaii, where Ferdinand Marcos died three years later.
I suppose it could be interesting, especially since Fatboy Slim and David Byrne are writing the music. But it is hard to see a musical about Imelda Marcos that wouldn't, well, make fun of her a little bit. All I could ever remember about her was the shoes and the corruption, which undoubtedly makes for an interesting tale.