Jon Favreau to Direct Disney's Live-Action 'The Lion King'

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After directing Disney's live-action version of The Jungle Book, which came out earlier this year, Jon Favreau has now been tapped for a live-action reimagining of The Lion King.

The Walt Disney Company made the announcement on Wednesday, but no release date has been set.

Favreau tweeted his reaction early Wednesday morning, writing, "Excited for my next project," alongside a lion and crown emoji.

Released in 1994, The Lion King became an instant classic and one of the biggest animated films of all time with a total global box office gross of $968.8 million.

The movie won two Academy Awards, two GRAMMY Awards, and six Tony Awards for the Broadway production, which debuted in 1997.

WATCH: Behind the Scenes of 'The Jungle Book'

According to Disney's press release, "The Lion King's worldwide gross exceeds that of any film, Broadway show or other entertainment title in box office history."

Disney is building off their recent live-action success, as The Jungle Book has earned $965.8 million worldwide since its debut in April, and the upcoming Beauty and the Beast is already "one of the most anticipated movies of 2017." The production company is also currently developing a sequel to The Jungle Book.