According to THR, the re-do looks like it will be a joint effort between Frank Marshall / Kathleen Kennedy and Appian Way, which is otherwise known as "DiCaprio's shingle." The original film, released by WB in 1984, was about a bullied boy who escapes the miseries of reality by falling into a fantasy book, riding the back of a furry dragon, and returning home to beat some bully butt. As is often the case in remakes, the producers promise to go back to the source material and "examine the more nuanced details of the book that were glossed over in the first pic." Yeah, like: Reading is good.
And for those who'd raise their hands to the fantasy gods and bemoan the existence of such a remake, I point you towards films called The NeverEnding Story 2: The Next Chapter (1990) and The NeverEnding Story 3 (1994). And this TV series. And then I dare you to watch all of 'em back to back while repeating the phrase "better a fresh remake than another low-rent sequel."
And then you could read the source material. To me. As a bedtime story. (Pleeeeease?)