The script by "Lombardi" playwright Eric Simonson will follow the two basketball stars' friendship and rivalry from their NBA rookie days to the Olympic Dream Team.
The play is scheduled to debut on Broadway in 2012.
Like "Lombardi," which benefited from endorsement by the National Football League, the new play about Bird and Magic will be produced in association with the National Basketball Association.
Producers Fran Kirmser and Tony Ponturo say Johnson and Bird will participate in the creative process.
The Associated Press contributed to this report.