No plot details have been released. Warner isn't the only studio retelling the classic children's story. Disney is developing a prequel to the Peter Pan tale titled Peter and the Starcatchers with Gary Ross directing. Sony also has a similar project in the works with Channing Tatum and Joe Roth producing.
Peter Pan is a character created by Scottish novelist J.M. Barrie. A boy who can fly and never ages, Peter Pan spends his childhood adventuring on the small island of Neverland as the leader of his gang, the Lost Boys, interacting with mermaids, Native Americans, fairies, pirates, and occasionally ordinary children from the world outside of Neverland. He first appeared in a section of The Little White Bird, a 1902 novel written by the author for adults.
No production schedule has been released.
Sources: The Hollywood Reporter
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