Director Bill Condon (Dreamgirls) has reportedly been tapped to direct the film, while Evan Spiliotopoulos is writing the script.
The animated Beauty and the Beast was a box office success in 1991 earning more than $375 million worldwide and earning a Best Picture Oscar nomination. The film also spawned a Broadway musical.
In addition to Dreamgirls, Condon also wrote the script to Chicago and directed two of the films in the Twilight series.
Disney’s latest live-action fairy tale, Maleficent, earned $170 million during its opening weekend at the box office. The company is also developing a live-action version of The Jungle Book, while the live-action Cinderella opens next March.