Jon Favreau is directing with Justin Marks penning the script.
The film will be based on the classic Rudyard Kipling novel about an orphan boy raised by wild animals in the jungle.
Elba was most recently seen in a handful of films including "Mandela: Long Walk to Freedom" and "Thor: the Dark World." He is repped by WME, Anonymous Content and his English agent Roger Charteris.
Deadline Hollywood first reported the news.
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