Yates was a breakout star in "Jojo Rabbit," his first role where he played the titular character's best friend. According to Variety, he won't be playing the iconic Kevin McCallister, the character first portrayed by Macaulay Culkin. He will instead be a new character.
Ellie Kemper and Rob Delaney will be playing a couple in the film. According to the Hollywood Reporter, the two characters will "go to war with a kid who has stolen a priceless heirloom."
The original 1990 "Home Alone" film was a major hit. Its sequel, "Home Alone 2: Lost in New York" was also widely successful. Both films are currently available to stream on Disney's streaming service, Disney+.
The film will be directed by Dan Mazer ("Dirty Grandpa"). Saturday Night Live writers Mikey Day and Streeter Seidell wrote the script.
Disney CEO Bob Iger first announced interest in making 're-imagined' versions of classic films in an investors call in august.
Disney gained access to movie titles like "Home Alone," "Night at the Museum" and more following the company's $71 billion acquisition of 21st Century Fox in March.
"We're also focused on leveraging Fox's vast library of great titles to further enrich the content mix on our [direct-to-consumer] platforms," Iger said on Disney's Q3 2019 earnings call.