Jon Favreau is in talks to direct the new live-action version of 'The Jungle Book'.

The 'Iron Man' director is in talks with Walt Disney to take on the job for the upcoming film based on the classic children's stories by Rudyard Kipling.

It tells the story of an orphan boy named Mowgli who is raised by wolves and lives in the jungle among the animals.

Favreau told ''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.''

Favreau is excited at the possibility of bringing Mowgli and chums to life and believes his experiences on the 'Iron Man' franchise.

He added: ''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 will join Justin Marks who has been hired to adapt Kipling's classic tale for the big screen.

The movie marks Disney's third trip into Mowgli's world.

On top of the studio's beloved1967 animated classic, Disney also released a live-action version of 'The Jungle Book' in 1994, starring 'Hawaii Five-0' star Jason Scott and 'Monty Python' actor John Cleese.