By Stephen M. Silverman
Updated May 07, 2003 01:00 PM

Although “Phantom of the Opera” star Michael Crawford had a big fat flop earlier this season with the musical “Dance of the Vampires,” Elton John remains fearless.

The composer is bringing a vampire musical to the Great White Way, with his longtime lyricist Bernie Taupin’s adaptation of novelist Anne Rice’s “Vampire Chronicles.”

The show, tentatively titled “The Vampire Lestat,” is being targeted for the 2005 theatrical season, reports Reuters.

At a press conference Tuesday, John, 56, and Taupin, 52, emphasized that the production would possess a classical feel and not resemble a rock opera.

“This will be more opera than rock,” said Taupin.

The venture will mark the first stage musical for Taupin, whose songs with John have sold more than 150 million copies since they began creating hits in the late 1960s.

The vampire show will be John’s third Broadway musical. His music can currently be heard in the hits “The Lion King,” and “Aida,” both produced by Disney.

This new show will be the first Broadway venture by Warner Bros. (which, like PEOPLE, is part of AOL Time Warner).

“Bernie and I have been huge fans of Anne Rice’s books for a long time,” said John. “When I read ‘Interview with the Vampire,’ for the first time, I wanted to become a vampire.”

Said Taupin: “Anne is very excited and has given us her blessing.”