The original Pete's Dragon was set in a fishing village at the turn of the 20th Century, following a young boy named Pete who befriends a dragon. This new story takes place in a forest where a group of loggers are cutting down all of the trees. Pete, whose parents died in a car crash, has been raised by his dragon in the same forest. Oona Laurence also stars as the mill owner's daughter, with other characters that have yet to be cast including the forest ranger who finds young Pete, the mill owner and his greedy brother.
If a deal is finalized, Robert Redford will play a local resident who tells tall tales involving dragons that no one believes. The role seems quite similar to Mickey Rooney's Lampie from the original Pete's Dragon, a drunken lighthouse operator who encounters Pete and his dragon, Elliot.