Also attached to the project is Dave Callaham, who worked on The Expendables films, wrote the screenplay for the upcoming Shang-Chi and the Legend of the Ten Rings, and worked as a co-writer on Wonder Woman 1984.
The original 1997 movie is extremely loosely based on the Greek myth of Heracles, and sees the young Hercules - the son of Zeus - exiled from Mount Olympus due to the nefarious machinations of the god of the underworld, Hades. While stuck on Earth as a mortal, the demigod Hercules still retains his superhuman strength and, with the help of a Danny Devito-voiced satyr, must learn what really makes a hero. Also, there's a bunch of really good Alan Menken songs.
The project is in the early stages at this point, and things like a cast, a director, or even whether the remake will be a musical like the animated original have yet to be decided. It's also not clear whether Disney plans to release Hercules theatrically or if it'll be a Disney Plus film.
Hercules is just one of a seemingly endless list of live-action remakes that the studio has in production, joining a list that includes the delayed Mulan, a 101 Dalmatians prequel called Cruella, Peter Pan & Wendy, The Little Mermaid, and Snow White and the Seven Dwarfs. Other projects, like Pinocchio, The Hunchback of Notre Dame, and Bambi are in earlier stages of development, too.