When the enormous ape fell to his death from the Empire State Building at the end of Peter Jackson's 2005 blockbuster, you might have thought that was the end of King Kong. Not so, it seems: Hollywood is planning to bring Joe DeVito and Brad Strickland's lavishly illustrated novel Kong: King of Skull Island to the big screen.

The book, which was published to coincide with Jackson's remake of the 1933 classic film, acts as both a prequel and a sequel to the tale. It sees Vincent Denham, son of over-reaching film-maker Carl who captured and brought the giant ape to New York, returning to Skull Island in search of his long-lost father. He is joined by Jack Driscoll, the playwright who journeyed with Denham 25 years previously. Together the pair begin to unravel the mysteries of the island.

Kong: King of Skull Island looks set to be an all-CGI affair – in contrast to Jackson's film, which was mainly live-action. It will feature several new giant gorillas and dinosaurs not seen in the previous film, and explain such mysteries as the giant wall on the island, the origins of the islanders who worship Kong, and how he came to be king.

Spirit Pictures bought the screen rights to the book from the family of Merian C Cooper, director of the original 1933 version of King Kong. "We're very concerned with honouring Merian C Cooper's legacy in Hollywood. We want to make sure that whatever we deliver will honour his memory," said Spirit's Steve Iles.

Jackson's film was a much-touted blockbuster in 2005, though it did not perform as well as had been expected. At the time it was the world's most expensive film ever, with a budget of $207m (£125m). Jackson, who's currently developing two films based on JRR Tolkien's prequel to Lord of the Rings, The Hobbit, does not appear to be involved in the new Kong project.