EXCLUSIVE: Disney is in negotiations with Jon Favreau to helm The Jungle Book, a new adaptation of the 1894 Rudyard Kipling novel that is a priority project for the studio. Justin Marks, scripter of The Raven, will turn in a draft shortly, and the studio hopes to get into production next year. Favreau — who wrote, directed, produced and stars in the modestly budgeted indie Chef — has a strong history with Disney, and this will put him back into the event film game. He helmed the first two Iron Man films and had been attached to direct Magic Kingdom, the pic where the theme park comes to life. Disney previously turned The Jungle Book into the classic 1967 animated film and a 1994 live-action feature helmed by Stephen Sommers. The book is public domain, and Disney has not yet set producers. Bet a few of them on the lot are going to be picking up the phone momentarily.

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“I can’t say that much, but there is an interesting take that could be very cool, and the hope is to relaunch a family brand with certain mythic elements,” Favreau told me. “It is my first real family film since Elf, and there are action elements and visual effects that I feel like my experience on the Iron Man films are going to be useful.”

He’s repped by CAA and attorney Geoffrey Oblath.