Disney is heading back to Neverland. Deadline reports the studio is moving forward with a new live-action adaptation of J.M. Barrie's "Peter Pan," and they've tapped "Pete's Dragon's" David Lowery as director. Screenwriter Toby Halbrooks, who also worked on Disney's latest version of "Pete's Dragon," is on board to pen the script.

The novel follows the title character, who is also known as "The Boy Who Wouldn't Grow Up." Peter lives on the island Neverland, which hosts a colorful assortment of creatures, including fairies, pirates, mermaids and his Lost Boys. He takes Wendy Darling to the island, where she goes on a series of adventures.

Disney's latest take on the tale follows not only its earlier 1953 animated film but also Warner Bros.' "Pan," which was released late last year and flopped at the box office. This new "Peter Pan" film is just another in the growing list of Disney live-action films, which also includes "Maleficent," "Cinderella," "The Jungle Book" and the upcoming "Beauty and the Beast."