David Lowery signed on last year to co-write Pete's Dragon for Disney with his writing partner Toby Halbrooks.  It was a curious announcement in two respects.  First, Lowery is jumping from the crime drama Ain't Them Bodies Saints to a re-imagining of the 1977 family-friendly musical.  Second, Disney signed the writer/director only to write, not direct.  The first item remains in play, but The Wrap reports Lowery is now in negotiations to direct Pete's Dragon as well and could take precedence over his other projects.

The new Pete's Dragon will not be a musical, but should borrow some elements from the original, which centered on a young orphan who flees his abusive parents and befriends a dragon that often turns invisible.  Watch the trailer after the jump.