Our chances of ever seeing a Will & Grace spinoff look increasingly more bleak with each passing year, but this could be the next best thing…..

Small screen funny gal Megan Mullally is developing a stage production based on her divalicious character from Will & Grace.

Karen: The Musical could be Broadway-bound by 2011.

“The idea is that Karen decides she is going to do a Broadway musical for a variety of hilarious reasons. It’s a couple years out,” the actress, who won an Emmy for her portrayal of the self-centered Karen Walker, explains. “My very good friend Jeff Blumenkrantz is doing music and lyrics. We’ve been collaborating on this for a few years and have everyone’s permission to do it, if you know what I mean. We’re just now starting to go out to book writers and directors. I just think it’s a funny idea…”