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.
Baloo: [scatting] Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And with... Baloo: Well, now. Ha ha! What have we here? Baloo: Hmmm. Say, what a funny little bit of a... Mowgli: [slaps Baloo in the nose] Go away! Baloo: Oh, boy! I've seen everything in these woods. Ooh, what have I run on? What a pretty thing this is. Mowgli: Leave me alone. Baloo: Well, now. That's pretty big talk, little britches. Mowgli: I'm big enough. Baloo: Tsk, tsk, tsk, tsk. Pitiful. Hey, kid. You need help, and ol' Baloo's gonna learn ya to fight like a bear.
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.