The film was inspired by a 2012 Channel 4 documentary called The Wrestlers: Fighting with My Family, which followed Knight and her brother and parents, who are also professional wrestlers.
Her father Patrick is known in the ring as “Rowdy” Ricky Knight, while her mother Julia uses a variety of stage names including Sweet Saraya – the same name they gave their daughter.
The new stage adaptation is being masterminded by Tilted Musicals, the production company run by Girls Aloud songwriter Miranda Cooper and producer Sam Hodges.
Cooper told BBC News the musical will be “not just for wrestling fans – we want it to go way beyond that”, adding that the subject matter lends itself well to the stage.
“Wrestling is so theatrical, you’ve got your heroes and villains, its all about storytelling and everyone is playing a heightened version of themselves in the ring,” she said.
“But watching the film and the documentary, the themes are so much about family, community and belonging. They are kind of off-the-wall characters, but there’s so much love.”
The musical was the brainchild of Jon Brittain, who will be writing the adaptation with a soundtrack composed by Cooper and Nick Coler.
The pair are best known for their work with songwriting outfit Xenomania, who wrote songs for Sugababes, Kylie Minogue, Pet Shop Boys and Girls Aloud.