Production chiefs recently heard a new take and are currently evaluating whether to proceed with the idea, reported Deadline.
Initial discussions have also taken place with major producers, including some with a strong connection to the studio.
If Disney executives decide to move forward, they'll compete against an existing live-action project being led by Working Title and set up at Universal.
The Universal project has Chloe Moretz attached to star and Rebecca Thomas set to direct from a script by Richard Curtis.
Following the recent success of "The Jungle Book", Disney is moving forward expansively with its live-action slate in general.
Emma Stone is set to star in "Cruella", Ava DuVernay will direct "A Wrinkle in Time".
Dwayne Johnson will star in "Jungle Cruise", Tim Burton will direct "Dumbo", and Rob Marshall will direct Emily Blunt in "Mary Poppins".
Also in the pipeline are "Maleficent 2" with Angelina Jolie set to return, "The Nutcracker and the Four Realms" with director Lasse Hallstrom, "The Jungle Book 2" with both director Jon Favreau and writer Justin Marks returning, and a Tinker Bell project with Reese Witherspoon.
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