The 33-year-old actor-turned-producer has confirmed the comedy drama movie about male strippers is to become a musical in New York's famous theatre district.
Posting on his website, Channing - whose own stripping past inspired the 2012 film - wrote: "You knew you were getting a sequel, but now you'll also soon be able to check out the LIVE stage version ... of 'Magic Mike', The Musical'! Your favourite sexy male stripper story is hitting the stage and bringing with it the best of Broadway. (sic)"
The show is being directed by Channing and his partner Reid Carolin, along with the film's director Steven Soderbergh and co-producers Gregory Jacobs and Nick Wechsler.
Tom Kitt and Brian Yorkey have been assigned to write the songs, while Roberto Aguirre-Sacasa - who created 'Spider-Man: Turn Off the Dark' - will pen the script.
The team are keen to get the musical up and running, while also preparing the movie sequel, which Channing previously claimed would be more "crazy and fun" than the first film
He said: "It will be a road trip movie, and it will essentially be the movie that everyone thought the first one was going to be - crazy and fun and less slice-of-life and less drama. The first one, we had to make not so cheesy and campy; this one we are going to swing for the fences."