New reports have Jon Favreau (Iron Man) in negotiations to helm Disney's adaptation of Rudyard Kipling's The Jungle Book.  The 1894 novel is currently in public domain and screenwriter Justin Marks is currently working on a draft.  Disney, who previously adapted the property in the 1967 animated classic and the 1994 Stephen Sommers' live-action film, is looking to start production as early as next year.  Hit the jump for more, including a comment from Favreau himself. 

Deadline reports that Favreau is in negotiations with Disney to helm The Jungle Book.  The two have a lengthy history as Favreau directed both Iron Man and Iron Man 2 for the studio, and was previously attached to helm Magic Kingdom.  (It's unclear from Deadline's report whether Favreau is still involved in some capacity, if another director is in talks or if the project itself has been put on pause.)  Here's what Favreau had to say about The Jungle Book:

“I can’t say that much, but there is an interesting take that could be very cool and the hope is to relaunch a family brand with certain mythic elements.  It is my first real family film since Elf, and there are action elements and visual effects that I feel like my experience on the Iron Man films are going to be useful.”

Favreau's next effort, Chef, which he wrote, directed, produced and starred in, is due out May 9th, 2014.  It also stars Dustin Hoffman, Sofia Vergara, Scarlett Johansson, John Leguizamo, and Robert Downey Jr.