Disney pulled the plug on the film last month, reportedly owing to the script's dark tone, a decision which negatively impacted the value of their motion picture division.
Selick collaborated with Laika previously on his 2009 stop-motion fantasy-horror Coraline, and the studio is likely to finance his currently-untitled project, Indiewire reports.
The mysterious movie has been in development since last summer, but specific details about its plot have not been discussed besides the fact that it is Selick's own original story.
Having adapted Coraline from Neil Gaiman's novel of the same name, Selick is also working on an adaptation of his children's fantasy The Graveyard Book.
Laika recently produced family comedy-horror ParaNorman, which centred on a young boy with the ability to speak to ghosts.
Watch a trailer for Coraline below: