The singer said that he wants to get it done in the next five years.
He told The Sun: “The Take That musical has got to happen. I think it’s a great story. I watched Jersey Boys and it’s not too dissimilar to our story. I would love to get that on stage.
“We’ve got 25 years of music so the hard bit is done. I’d look to put it on a stage in the next five years.”
Barlow has been approached about bringing Take That’s journey to the stage before, but he repeatedly refused to back unofficial, short-lived musical Never Forget, which ran from 2007 to 2009.
He has been busy working on the score for Finding Neverland, based on the 2004 movie starring Johnny Depp.
It debuts on Broadway tomorrow (April 15) before heading to London next February and tells the story of Peter Pan author JM Barrie.
“I understand it a bit better now,” he added. “I think the West End, Broadway and musicals felt like a different art form and I wasn’t qualified. I didn’t know enough about it.
“But now I’ve been put in a big arena here. If given a chance to do it I would take it on now, definitely.”
Barlow recently made a surprise appearance at a fan’s wedding.
The former X Factor judge performed at the wedding of ‘super fan’ Danielle Jones in Bracknell, Berkshire earlier this month (April 3). Barlow sang Take That’s ‘A Million Love Songs’ for Danielle and groom Darrel.