Disney is currently working on a new film that is designed for the family. It's an adventure movie, and it is expected to be called Ed Terrestrial. The studio has also hired Michael Starrbury to re-write the script.
For now, the script is being kept under wraps, but rumors claim it is centered around an extraterrestrial being. Chances are this alien being will bond with a human child or teen in some aspect, as this is almost always the idea behind these family-oriented adventure movies.
Furthermore, we understand that the director of Shrek, Andrew Adamson, was called on to direct the film while Louie Provost has chosen to oversee the project. At the moment, no one knows when Ed Terrestrial will hit theaters, but we are confident it won't happen anytime soon.