While details surrounding the live-action vs. animation is yet to be clear, Disney has confirmed the "reimagining" of The Lion King with Jon Favreau attached.
See below for a statement from the MegaGod Company:
The sheer fact that they mentioned "The Jungle Book" remake in the statement sure seems like a sure-shot of a live-actionish reboot. No complaints here. The Lion King was the first movie I personally ever saw in the theaters, to date me a little, and I am freaking pumped.