Yes there is a new adaption on its way, and the first poster has been unveiled!
The Jungle Book is based on the original story by Rudyard Kipling and inspired by Disney's 1967 animated adaptation and will follow similarly along the same lines.
Mowgli: Oh, Baloo, I wanna stay with you. Baloo: Certainly, you do. Bagheera: Oh? And just how do you think he will survive? Baloo: "How do you think he will... " What do you mean how do you think he... He's with me, ain't he? And I'll learn him all I know. Bagheera: Oh? That shouldn't take too long.