U2's Bono and The Edge are to collaborate with Once director John Carney on a new musical film, Digital Spy reported.

Sing Street is based loosely on events from Carney's childhood, and will centre on a boy who uses music to help him cope with moving from a posh private school to the inner-city.

Bono and The Edge are slated to contribute songs and other musical elements to Sing Street, The Weinstein Company announced May 22.

Carney is writing the screenplay, in addition to serving as director.

U2 won a Golden Globe earlier in the year for writing the song 'Ordinary Love' for the Nelson Mandela biopic Mandela: Long Walk to Freedom.

The Irish rock group have previously contributed music to the films Faraway, So Close!, Batman Forever and The Million Dollar Hotel.

U2 are also currently working on a new studio album, although a release date has not been set.