By Teresa Jue
Updated October 17, 2014 at 03:11 PM EDT
Juan Naharro Gimenez/FilmMagic

Robert Redford is in discussions to join Disney’s remake of the 1977 classic children’s film Pete’s Dragon, sources confirm to EW. The Hollywood Reporter first reported the news.

The remake will traverse from the original film’s setting, a 20th century fishing village, to a logging community. In the remake, the titular Pete is raised by Elliot the dragon after his parents die in a car accident.

Ain’t Them Bodies Saints helmer David Lowery is set to direct the remake, along with Boardwalk Empire’s Oakes Fegley playing Pete. Redford is in talks to play a local who tells tales about the dragons, much to his community’s disbelief.