According to Thompson on Hollywood, the producers are projecting a $70 million for “a 3-D magical fantasy adventure crammed with visual effects.” The screenplay was written by David Magee–who wrote another sort of adaptation with Finding Neverland.
Here’s more from Fox 2000 president Elizabeth Gabler, from the article: “It has a gigantic visual effects component … You can’t put a live tiger in a boat with a child. It has elements of Castaway, when the kid is alone in the boat. You don’t need language to convey what’s on the screen. We need to make the movie for the whole world.”