Alright, so Variety broke the news. Gore Verbinski (director of the Pirates movies) will direct Industrial Light & Magic's first animated feature. Johnny Depp is involved as well.
Variety's first article mentions this:
Depp will voice the lead character, a household pet that goes on an adventure to discover its true self.
Sounds pretty generic, but knowing Gore and Depp (not personally :) ), it's going to be cool.
Now, the first and second Variety article are making it sound like this project will be Motion Capture, like Happy Feet and Monster House, but friends at ILM told us that this is not the case at all, the animation is all keyframed. No idea why the article is misinforming the public, but hey.
There you have it. We're all very excited (especially about the keyframe aspect) and I'll keep you guys updated the moment I know more (and am allowed to say anything).