Follows Cinderella, The Jungle Book and Pete's Dragon in being given the live action treatment.
Disney has chosen Peter Pan to be its latest classic to make the leap from animation to live action.
Live action versions of Cinderella and The Jungle Book have already hit cinemas, and Peter Pan joins Pete's Dragon, Dumbo and Beauty and the Beast as being live action Disney projects currently in development.
Deadline reports that David Lowery will direct the new Peter Pan from a script by Toby Halbrooks, and the duo previously worked together on Disney's upcoming live action version of Pete's Dragon.
Disney's current live action slate also includes Alice Through the Looking Glass, a Mary Poppins sequel, Maleficent 2, Cruella De Ville and a Tinkerbell movie.