The 'X Factor' musical will take to the London stage in early 2014.
The stage show 'It's Time To Save The Musical' - which has been written by comedian Harry Hill - will feature 19 new songs and take an ''affectionate poke'' at the talent show, according to Syco.
Simon Cowell is reportedly thrilled with the project as it pokes fun at most of the people involved in the production.
There is a judge called Geordie, who spends most of her time sobbing into a Chelsea football shirt, a reference to former judge Cheryl Cole, who hails from Newcastle and was previously married to Chelsea player Ashley Cole.
Host Dermot O'Leary's character is portrayed as ''pathetic and needy'' while ex judges Dannii Minogue and Sharon Osbourne don't feature at all.
A source previously said: ''This is Simon's pet project and he's ecstatic with the script. He was in tears of laughter at the read-through.
''He knows how much trouble he's going to cause. Dermot, Dannii, Cheryl and Sharon will all be furious for different reasons. This is his ultimate revenge - he doesn't care who he offends.''
The judging panel consists of actors playing Simon - who quit the UK version in 2011 to focus on the US show - and Louis Walsh, as well as Geordie.
The story follows one contestant's ''journey'' on the ITV singing show and the character, called Shenise, is thought to be based on 2008 winner Alexandra Burke.
The source added: ''Simon is confident his musical is going to be a huge hit. He hasn't been this excited about a project for ages.''