The British actor - best known for his role as Gollum in the 'Lord of the Rings' and 'Hobbit' movies - replaces Alejandro Gonzalez Inarritu, who was previously in talks to direct but pulled out due to scheduling conflicts, according to The Hollywood Reporter.
'Rush' director Ron Howard was also a brief contender for the director position in February.
Adding Serkis to the project puts Warner Bros' version of the classic novel back on the map, as Disney is planning a live-action adaptation of its own which is currently at the casting stage.
'The Jungle Book' would mark Serkis's feature directorial debut, although he is also working on a film adaptation of George Orwell classic Animal Farm and served as second unit director on the two 'Hobbit' movies.
Disney famously released its animated movie in 1967 and it was followed by a live-action film in 1994, starring Jason Scott Lee as Mowgli.