Months after dropping hints, Matilda composer Tim Minchin has finally revealed the identity of his next stage musical and, as they say in Punxsutawney, "To Gobbler's Knob. It's Groundhog Day."

On Sunday Minchin confirmed that he is writing a new score for a stage adaptation of the 1993 cult film Groundhog Day, together with the film's original scriptwriter Danny Rubin and Matilda director Matthew Warchus.

In July, the musical comedian revealed that he had spent the year working on a new adaptation of a "very interesting, arty but much-loved early-90s film" that he described as "very conceptual, somewhat Stoppardian".

Groundhog Day, which starred Bill Murray and Andie MacDowell, follows the egotistical grump of weatherman Phil Connors as he gets stuck in a time-loop and ends up reliving the same day over and over again, reporting on the same rodent-based-meteorological event on repeat.

"Our version of Groundhog Day is going to be both instantly recognisable, and utterly different," wrote Minchin on his blog. "The central conceit is perfectly suited to the theatre, in my opinion. In fact, 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."

Much of that could comfortably apply to Matilda, Minchin's debut musical, co-written with playwright Dennis Kelly, which has gone on to worldwide success, picking up a record-breaking seven Olivier awards in 2011 and a further four Tonys last year.

There has been no word on who is producing the new musical or where it will premiere, though both Broadway and the West End are reported to be in contention.

Development begins this year, Minchin wrote. "We're aiming for a workshop sometime towards summer, and hopefully we'll have it on stage within a couple of years – but who knows? Maybe the whole project will get caught in a temporal vortex and we won't be able to finish writing it until we've achieved wisdom."