Disney has picked up Ahmet Zappa and Michael Wilson's script, Monster Witness Relocation ProgramVariety is short on details as to what the story, which is based on an original idea by Zappa, is about, but I think the title provides a fairly strong hint.  The movie is being developed as a star vehicle for Jaden Smith.

Zappa previously sold the rights to his novel The Monstrous Memoirs of Mighty McFearless to the studio.  That book focuses on "a brother and sister who discover they hail from a long line of monster hunters. They have to learn the family business quick when their father is kidnapped and they take on the most diabolical creature in the universe."  And then Cthulhu killed them.  I'm assuming that's how the story ends.