O'Donnell revealed Gaga will take on role made famous by Barbara Streisand

The comedienne was opening fort Randy Rainbow on his cross-country comedy tour when she made the announcement

A guest at the show told DailyMail.com that O'Donnell said Gaga would be playing Fanny Brice while O'Donnell will be playing the mother

Streisand originated the role on Broadway and then went on to star in the film version, which earned her an Academy Award

Lady Gaga is set to hit the Great White Way after conquering the worlds of music and film!

Rosie O'Donnell revealed on Saturday that Lady Gaga is set to take on another role of Fanny Brice, that was made famous by Barbara Streisand.

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She told the audience at The Paramount Theater in Huntington, New York that she and the pop star would be starring in a Broadway revival of Funny Girl.

This news comes as Gaga's performance in A Star is Born helped earn the film over $42 million at the weekend box office and cement her status as the Best Actress frontrunner at this year's Academy Awards.

Rosie O'Donnell (left) revealed on Saturday that Lady Gaga is set to take on another role of Fanny Brice, that was made famous by Barbara Streisand

Gaga posed for a picture with Streisand in 2015 and referenced the Broadway show

O'Donnell was opening for Randy Rainbow on his cross-country comedy tour when she made the announcement, much to the delight of the audience.

A guest at the show told DailyMail.com that O'Donnell said Gaga would be playing Fanny Brice and she would be playing the role of her mother in the semi-autobiographical tale.

Rainbow himself seemed thrilled about the news, and getting the chance to perform with O'Donnell.

'I remember watching @Rosie intro Barbra Streisand on her show in 1997. She told all the boys and girls watching that dreams come true, and last night she kept her promise. Thank you, my generous, beautiful, hilarious friend,' wrote Rainbow on Twitter.

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Streisand originated the role on Broadway and then went on to star in the film version, which earned her an Academy Award.

Funny Girl's legacy has been a bit tarnished in light of allegations made by Jane Seymour about its original producer Ray Stark.

He is the man who launched Streisand's career after casting her to star in Funny Girl, the play and later film based on the life of his mother-in-law.

He had at the time just married the daughter of comedic actress Fanny Brice, famed for playing the character of Baby Snooks.

Stark also produced The Way We Were, The Owl and the Pussycat, Annie, Steel Magnolias, California Suite and The Goodbye Girl, earning two Oscar nominations over the course of his career.

Barbra Streisand poses with Sydney Chaplin during the Broadway production that opened in 1964. It later was turned into a film and won an Oscar

'I came to Hollywood about 22 or 23 years old. I came to do a test for my first Hollywood movie and it was a wonderful producer, we had a great experience,' Seymour said in an interview wth Today, though she would not name Stark on account of the fact that he had 'passed.'

'I did the test. And another producer called my agent and said, "I want to test Jane, as well, for another movie." It was like, wow, amazing. The second producer, the one I'm going to talk about, had gotten a copy of the first test and wanted to screen it for me so I could see it. And he told my agent and I was told to go to his house because he was having a big screening of a movie with lots of people.'

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Seymour said that when she arrived at the house however, there were no other people to be found.'

Seymour revealed that after replying 'give a great screen test, the director shook his head and 'put his hand on my thigh, right up close in the wrong place.'

She immediately ran off, explaining: 'He basically got furious. He called the cab. And he turned to me and he looked me in the eye and he said, "if you ever tell anyone that you were ever here, let alone what happened, you will never work again anywhere, anywhere in the world." And I was shaking.'

Seymour said she decided to tell her team that she did not attend the meeting, adding that two of the men she told this to expressed their relief about her decision to not go to the home due to rumors and stories they had heard over the year.