The script is being penned by 'Transformers' franchise writer Ehren Kruger, while Justin Springer ('Tron: Legacy, Oblivion') is producing alongside Kruger, according to The Hollywood Reporter.
The adaptation of the 1941 film about an adorable flying elephant, follows other recent successful live-action movies from Disney, including 'Maleficent' and 'Alice in Wonderland'.
The studio also has live-action versions of 'Cinderella', 'The Jungle Book' and 'Beauty and the Beast' currently in the works.
In May, Disney announced limited Blu-ray and DVD editions of many of its classic family movies, with unique artwork inspired by their villains.