Disney Theatrical Productions has announced that it will develop a stage version of The Princess Bride, the 1973 neo-fairy tale written by William Goldman that was turned into a much-beloved film in 1987.

A classic tale of true love and swashbuckling adventure, with the slightly postmodern framing of it being told by a grandfather to his bedridden grandson, its dashing hero and amusing supporting characters turned it into an enduring hit. It could now become another Disney stage success following adaptations of High School Musical, The Lion King and the forthcoming Aladdin.

"To now have a stage production of this film in development at Disney is honestly a dream come true," said Alan Horn, chairman of Walt Disney Studios who helped develop the screen adaptation. "My involvement in The Princess Bride goes back to 1987 and it has always been close to my heart."

The film starred Cary Elwes and Robin Wright along with Billy Crystal, Mel Smith, Peter Cook and others in scene-stealing roles, and certain lines – particularly Wallace Shawn's delivery of "Inconceivable!" – are endlessly quoted by fans. It received a 25th anniversary special edition in 2012, with the cast reuniting for an Entertainment Weekly photoshoot and New York Film Festival screening.

Its influence has since cropped up in the most unlikely of places. Ross Ulbricht, the alleged operator of online black market Silk Road, adopted Dread Pirate Roberts as his pseudonym – this is the name used by a series of pirate captains in the book, each passing the name onto the next when they retire. Sure enough, with Ulbricht indicted by the FBI, another person has taken up the piratical namesake to relaunch the site.