Inarritu is in early talks for the Rudyard Kipling adaptation, which will be a new take on the material and different than the version Disney is putting together. Inarritu is best known for emotionally tough dramas like Amores Perros, 21 Grams, Biutiful, and Babel, making this his first crack at a franchise film. Maybe he saw the success his Mexican colleagues Guillermo Del Toro and Alfonso Cuaron have had in the blockbuster realm this year? He's been moving in a different direction of late as his next film is the ensemble superhero comedy Birdman so consider this just another step in the evolution of his career.
No word on when this will roll, especially with the number of projects Inarritu has lined up, but it could be wise to get as much distance from Disney's film as possible. Favreau and Inarritu couldn't be more different as directors so there's little chance of them having the tone.
