Fox Animation is developing a movie based on the Peter, Paul and Mary folk song “Puff, the Magic Dragon” as a live-action/animated feature hybrid.

The studio has tapped “Trolls” helmer Mike Mitchell to direct. Akiva Goldsman and Safehouse Pictures partners Tory Tunnell and Joby Harold will produce.

The lyrics for “Puff, the Magic Dragon” were written by Leonard Lipton and Peter Yarrow about an ageless dragon, Puff, and his playmate, Jackie Paper, who loses interest in the imaginary adventures of childhood, as told in the line “A dragon lives forever, but not so little boys.”

The 1962 song became a hit for Yarrow’s folk group Peter, Paul and Mary, along with “If I Had a Hammer,” “Where Have All The Flowers Gone,” and “Blowin’ in the Wind.”

“Puff, the Magic Dragon” was made into a 30-minute animated TV movie in 1978 for CBS. The title character was voiced by Burgess Meredith.

Vanessa Morrison and Nate Hopper are overseeing “Puff, the Magic Dragon” for Fox Animation.

Goldsman, Tunnell and Harold produced “King Arthur: Legend of the Sword,” starring Charlie Hunnam. Warner Bros. has delayed “King Arthur,” which was written by Harold, several times and now plans a May 12 release. The trio also exec produced the WGN series “Underground.”

“Trolls” has been a solid performer for Fox, grossing $142.2 million at the domestic box office after debuting in early November. The news about “Puff” was first reported by Deadline Hollywood.