In the film, Jackman will play famous showman Barnum, who founded the Barnum & Bailey Greatest Show on Earth, Circus troupe.
It has yet to be revealed what role Efron would play in the movie, said The Hollywood Reporter.
Jackman has been attached to the project for years. In 2009, reports suggested he would star alongside his future "Les Miserables" castmate Anne Hathaway but it is unclear whether the actress is still attached to the project.
The final draft of the movie has been written by "This Is Where I Leave You" author Jonathan Tropper.
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