The studio has hired Transformers writer Ehren Kruger to pen the script. Kruger will co-produce the film with Tron: Legacy and Oblivion producer Justin Springer.
The movie will be based on the original animated feature, and will include a new plot line about a family that parallels Dumbo's story. Dumbo was released in 1941, and follows a baby circus elephant with unusually large ears. He overcomes teasing from his peers and separation from his mother to eventually learn how to fly.
Disney's live action remakes have been a financial success for the company thus far. Alice in Wonderland (2010) generated over $1 billion at the box office, while Maleficent, a reimagining of Sleeping Beauty, raked in $630 million this year. Next on board is a live action Cinderella, scheduled for release March 13, with The Jungle Book and Beauty and the Beast to follow.