The Natural History Unit is the division behind Planet Earth and Blue Planet.
The series will be exec produced by Favreau and Planet Earth II exec producer Mike Gunton with series producer Tim Walker and Andrew R. Jones.
It comes as Favreau is writing and exec producing The Mandalorian, the first live-action Star Wars television series for Disney+.
It is the latest big-budget natural history deal for BBC Studios, which recently struck a long-term deal with Discovery.
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