The announcement comes 22 years after the release of the original animation, while a highly successful stage musical has been running since 1997, reports bbc.com. 

Favreau was behind this year's new version of "The Jungle Book", featuring a mix of animation and live action.

He also tweeted that he is "excited" about his "next project" using emojis of a lion and a crown.

The new version would feature hit songs from the 1994 film, which were written by Elton John, Tim Rice and Hans Zimmer, like "Circle of life", "Hakuna matata" and "Can you feel the love tonight".

The original Lion King movie made $969 million and won two Oscars. The stage musical has taken more than $6 billion in ticket sales.

It is the latest in a long line of classics to get the live action treatment, and comes after Disney recreated "Cinderella", "Alice in Wonderland" and "Maleficent" for the big screen.

A new live action version of "Beauty and the Beast", starring Emma Watson as Belle, is due for release next year.

Favreau will also direct a sequel to "The Jungle Book", which has made $965.8 million around the world since its cinema release.

No release date for the new Lion King film yet been set and casting is yet to be announced.