The composer said that he would like to write a story based on the life of Dr Stephen Ward, who became nationally known after his involvement in the infamous Profumo Affair in 1963.
Ward was known to have introduced showgirl Christine Keeler to married cabinet minister John Profumo, who later began having an affair with her, causing a dramatic scandal within the Conservative government at the time.
The osteopath was charged with living off the profits of so-called prostitution, and soon after committed suicide with a sleeping pill overdose.
Lloyd Webber stated that Ward being a scapegoat would translate well to today's media often needing a similar person or company to blame on different issues.
"I'm going to do a musical, about the life of Stephen Ward, who was stitched up in the Profumo Affair," he told Amanda Holden on Lorraine.
"It was about the need for a scapegoat. It's such a contemporary story, because the media is always in need for a scapegoat."
Lloyd Webber will also front ITV1's new series Superstar, where he will search for a new lead in Jesus Christ Superstar.
Dawn French and Jason Donovan will join Lloyd Webber when Superstar launches on Saturday, July 7 at 7.25pm on ITV1.
Watch a trailer for Superstar below:
Andrew Lloyd Webber's 'Superstar' auditions - photo gallery