Hmm with Disney being on the live action/CGI remakes trend, I bet they eventually will consider it. But I have very mixed feelings, mostly negative about it. I already wrote about this on my Tumblr page, so I'll just copy-paste it here:

First I'll say it’s not entirely a terrible idea, perhaps someone at Disney could figure out the right way to do it, or a way no one has thought of yet that would work, like they have proven in the past with other projects. But that said I still have at least 3 main concerns with this.

1. Everything about the original The Lion King is timeless. This isn’t the same as remaking The Jungle Book, where as loved as that movie is, the animation and pacing do feel quite dated, the same goes for all other technical aspects, like the sound mixing/editing, musical score, visual effects, etc. So for me it’s understandable they did that with TJB, but this isn’t the case with The Lion King, many decades can go by and the movie still won’t feel so dated, it’s a masterpiece from wherever you see it, and for me it’s in the pinnacle of hand-drawn animation. 
CGI/Live Action does NOT mean “improvement”. Sure, TJB feels improved, but that’s because of how dated the original feels, not because it’s hand-drawn.

2. There aren’t humans in The Lion King, so the entire characterization for the film would have to rely entirely on CGI animals. I loved The Jungle Book, they did an amazing job with their animals characters, but they don’t exactly look… very expressive to me. I mean, they do have animated facial features, but I still don’t think it’s enough to make an all-animal movie. I guess it works with TJB since the central character is an expressive human kid that the movie follows all the time and so he makes up for it, but if they want to make photorealistic CGI lions interacting with each other in the same style as TJB, I don’t think it would feel right to me. Aslan in The Chronicles of Narnia looks fairly good, but could you watch an entire movie with lions like that? not even Aslan is ‘that’ expressive. They would have to be put a lot of work on all those different expressions, probably with Andy Serkis’ signature motion capture technology. But even if they nail the expressions right, it would still have to defy an uncanny valley, about what feels real and what not. In other words, make the animals too expressive and then the movie suddenly doesn’t feel Live-Action anymore, but just a simple CGI remake. I’m sure nobody wants that.

3. I honestly can’t imagine The Lion King without musical numbers, other Disney movies are based on already existing fairy tales, so even if their songs are memorable, it isn’t mandatory for a Live Action adaptation to include them, and if they do, like in TJB, it doesn’t really feel necessary (“I Want to be Like You” felt kind of awkward and out of place, IMO). But the musical aspect of TLK is so much an essential part of it, it’s part of what made it so successful, and even more with the Broadway musical. Strip it from its songs and it’s not TLK anymore.
But let’s say they go ahead and put the songs in it, remastered even. I’m sure they could remake Circle of Life fairly well for the intro (that just can’t be changed) but what about songs where characters sing, like “I Just Can’t Wait to be King”?, or “Be Prepared”? With what I said in point #2 about characters’ expressions, would photorealistic CGI lions singing look right? Again, this would only work if they manage to find that balance between expressiveness and animal realism.

Like I said in the beginning, it’s not a totally bad idea. I would love to get to see TLK from a new perspective and maybe it would provide with new canonical information to juice the fandom. It’s just that the original movie is way too perfect to remake, and I do have those concerns with the CGI/Live Action route.