Rowling will be co-producer on the project, but will not write the adaptation herself.
She said: "Over the years I have received countless approaches about turning Harry Potter into a theatrical production, but Sonia and Colin's vision was the only one that really made sense to me, and which had the sensitivity, intensity and intimacy I thought appropriate for bringing Harry's story to the stage."
The play will explore the "previously untold story" of Harry's early years as an orphan and outcast.
Writers and directors are now being considered, and the project will move into development in 2014.
Rowling added: "After a year in gestation it is exciting to see this project moving on to the next phase. I'd like to thank Warner Bros. for their continuing support in this project."