The artist will adapt Neil Gaiman's Carnegie Medal-winning all-ages book into two graphic novels.
Jill Thompson, Michael Golden, David LaFuente, Kevin Nowlan, Tony Harris, Galen Showman and Scott Hampton will join him on the adaptation, which was first mentioned by Gaiman in the summer.
"I'm doing the scripts and the layouts for the entire book and the finishes for one or two of the stories and then seven other artists [are] doing finishes over my layouts," Russell told Comic Book Resources.
"We tend to be artists of a somewhat similar bent so it's not going to be a wide variety of styles. We wanted it to have a fairly homogenous feel because it's a single story although it takes place over about sixteen years, just like the Jungle Book stories."
Nowlan is providing the book's first story, with Hampton's being the longest at about 100 pages.
Russell has collaborated with Gaiman on numerous titles over the past 20 years, including The Sandman, Murder Mysteries and adaptations of The Dream Hunters and Coraline.
The Graveyard Book graphic novels will be published by HarperCollins.