The Harry Potter screenwriter has entered talks with Warner Bros to write and direct the project, reports Variety.
The film will be based on Rudyard Kipling's classic novel about an orphaned boy who is raised in the jungle by a group of animals, who help protect him from a vicious tiger.
Disney had previously released a classic animated version of the story in 1967, before producing its own live action film in 1994 starring Jason Scott Lee as Mowgli. Zoltán Korda also directed a live action version in 1942.
Kloves has previously directed the Oscar-nominated The Fabulous Baker Boys and 1993's Flesh and Bone.
Speaking about the project, film critic Barry Norman told The Independent: "The cartoon version was hugely successful, but didn't bear much relation to what Kipling wrote.
"Kloves is a good writer, it's a wonderful yarn and, nowadays, with the special effects, it should be possible to do it really well."
The Jungle Book has also recently been reimagined as an epic animal war story for a comic miniseries from Zenescope Entertainment.
Watch the trailer for 1967's The Jungle Book below: