The New York Post is reporting that plans for a musical adaptation of Will Ferrell's popular 2003 movie Elf, are at an advanced stage.

According to the newspaper, an “elaborate staged reading” of the project was held recently, with producers Warner Brothers eager to find investors and launch the show in time for Christmas 2010.

Elf, which centres on a human who is raised by elves, features a book is by Thomas Meehan (The Producers, Hairspray) and Bob Martin (The Drowsy Chaperone), while the score is by Matthew Sklar and Chad Beguelin, the team behind the 2006 musical version of The Wedding Singer (which received its UK premiere in Manchester last year).

The show apparently looked in fairly rude elf, although the New York Post reports: “Some insiders said a scene involving a genuine dwarf was awkward, and should be cut for reasons of taste. But on the whole, most people had a good time.”