With all the live action Disney live action movies being green-lit left and right it is a bit surprising that Treasure planet didn't make it into the line-up or at least that is how it appears at the moment. There is no official announcement for a Treasure planet live action movie but that doesn't mean the idea should be taken off the table. The film was one of Disney's major animated sci-fi adventure movies but it ended up doing poorly at the box office and was declared a bomb.
Given the failure of the animated film Disney could try to pursue the idea of a live action movie in hopes of capitalizing off of a once potentially successful animated feature. This time around Disney could have more success since doing a live action movie would allow them to sell the film with the help of big name actors who would portray the characters in the live action feature. The script for the animated movie was a major target of criticism, but there are probably other factors for why the film had a poor reception and box office return.
Treasure planet had a great concept that combined the swashbuckling pirate vibe with the vast beauty of space which seemed like an inventive blend of two genres. Audiences today could respond better to a live action movie rendition of this movie since Disney's influence has grown and since the time is ripe for another big sci-fi film given the expansion and popularity of the genre. If Disney does decide the take another shot at this film then there is a good chance that they could indeed turn this film into a treasure.