The remake will be scripted by John August, the screenwriter behind the Tim Burton movies Corpse Bride, Charlie and the Chocolate Factory and Big Fish, and will reportedly be fairly faithful to the 1992 original, utilising many elements of the animated film. It is also said to tell the story in a non-linear way (a hallmark of some of Ritchie's work).
There's been no news as yet on casting, but the question of who might take on the role of the genie, a part made iconic by the late Robin Williams, remains a contentious one.
Disney's live action Jungle Book, which used computer animation to place animal characters such as Baloo, Bagheera and Shere Khan alongside human star Neel Sethi (Mowgli), was released earlier this year.
A Beauty and the Beast adaptation starring Emma Watson and Dan Stevens is heading to cinemas in March 2017, and the studio also recently confirmed that a live action Lion King movie is in the works.