Tom - who will appear in this year's latest Batman film, 'The Dark Knight Rises' - describes the musical as a "crazy piece of work" and he can't wait to get started on the project.
Speaking about his character, he told the Daily Mail newspaper: "Harold's a cross between two guys Robert De Niro has played in Martin Scorsese films, 'The King of Comedy' and 'Taxi Driver'.
"Think of 'Taxi Driver' as a Bollywood movie and 'Harold's Harem' is somewhere where all those - 'The King of Comedy', 'Taxi Driver' and 'Bollywood' - meet."
However, Tom was coy when asked if he would be singing and dancing in the production, saying: "It's not a traditional musical."
He added that he thought it would be a serious piece more in the vein of the Civil Rights breakthrough musical 'Caroline Or Change' that transferred from New York to London's National Theatre in 2003.
Tom said when and where the show would be produced was still being debated.