According to Variety: "Sony is developing a reboot of “Labyrinth,” the final movie directed by Jim Henson, and has closed a deal with the Jim Henson Co. to produce the film with Sony’s TriStar division."
Lisa Henson will produce the project and “Guardians of the Galaxy” co-writer Nicole Perlman, who's also co-writing the upcoming Marvel film "Captain Marvel”, will write the script.
No further details have emerged, so I'm not sure if "reboot" is even there correct word for this this project or if it's just the industry buzzword de jour.
Obviously the major creative forces of Jim Henson and David Bowiewill not be involved, nor does it sound like Terry Jones, who wrote the screenplay will be either. But, that doesn't mean the Frouds, Terry Jones, or Jennifer Connelly couldn't - and should!
Here's hoping the film is some sort of continuation of the world, and not a remake. In fact, MoviePlot has a great list of the pros and cons of this announcement.