The untitled action/adventure movie will be produced by Verbinski and King, and scripted by John Logan (Sweeney Todd).
In a press release from King's GK Films, Verbinski said: "I have always been inspired by animation as an art form. I think this is a tremendous opportunity to move the medium forward and continue to engage, challenge and entertain the audience."
Verbinski is already assembling a crack team of animation and visual effects wizards to design the look of the film, including his Pirates of the Caribbean creature designer Mark McCreery.
"We have a unique team of virtuosos coming together and I truly believe that we can break free from the traditional mold, and create a new style that is all our own," the director added.
Verbinski's Pirates trilogy grossed $2.7 billion in worldwide box office receipts.