During the recording of an ITV special celebrating his 40-year career last night (17 March 2013), the composer revealed he is hoping to bring the show back either "later this year or early next".
Speaking about how the show hadn't taken off when it originally opened in London, he said that the new incarnation would be based on the Australian production, a reworked version that opened in May 2011 - which he jokingly said had worked because of "little involvement from me".
Love Never Dies - which is set on Coney Island ten years after the original story - premiered at the Adelphi Theatre in March 2010 with a cast led by Ramin Karimloo as the Phantom and Sierra Boggess as Christine. After mixed reviews, the musical ended its run in August 2011, since when a UK tour has also been rumoured.
Lloyd Webber also said last night that his newest musical, based on the Profumo affair, is now ready to be produced. He told how it will be unlike any of his previous shows, but promised there would still be some of his trademark ballads.
Audiences of the TV special, being shown on ITV on Easter Sunday, will be treated to a sneak preview of a song from the show.