The Walt Disney Studios is currently working on a new "The Lion King" movie.
The animated classic is the latest movie that would be remade as a live-action.
The live-action comes after the global success of "The Jungle Book," which was directed by Favreau and has earned $965.8 million worldwide.
The 1994 "The Lion King" is one of the biggest animated films of all time with a lifetime global box office gross of $968.8 million, including $422.8 million domestically.
It won Academy Awards for the original song “Can You Feel the Love Tonight” by Elton John and Tim Rice, and an original score by Hans Zimmer. It also won two Grammy Awards, with the soundtrack selling over 14 million copies.
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Translated into eight different languages, "The Lion King's worldwide gross exceeds that of any film, Broadway show or other entertainment title in box office history.
The upcoming film will include songs from the animated film.
Disney and Favreau are also in development on a sequel to "The Jungle Book." No release date has been announced for either film.