David Bowie, John Legend, Panic! At The Disco Team Up For Spongebob Musical

We promise it's really happening. Your favourite inhabitant of Bikini Bottom, Spongebob Squarepants, is relocating to Broadway and the ultimate who's who of music heavyweights are banding together to write a set of original songs for the musical. 

As Entertainment Weekly reports, the musical based on the cheeky sponge will be directed and co-conceived by Tina Landau and will feature songs by Aerosmith's Steven Tyler and Joe Perry, David Bowie, John Legend, Jonathan Coulton, Panic! At The Disco, The Flaming Lips (who have recently collaborated with Miley Cyrus on her surprise album release yesterday), Lady Antebellum, Cyndi Lauper, Plain White T's and They Might Be Giants. Take a breath.

The musical is set to be "a one of a kind musical event" with an opening in Chicago next year, after which it will open on Broadway in the 2016-2017 season.

Landau said in a statement, "We’re taking our leads from the TV show but this is an original story, with an original design approach, and original songs written just for the occasion by an amazing array of songwriters."

We expect it'll be a little like this, but exponentially cooler.