Don't get too excited (and/or upset)! This is only in graphic novel form. Entertainment Weekly is reporting Archaia Comics (who have a pre-existing relationship with Henson Studios via their Fraggle works) will be putting this tale together over the next year. So far, company editor-in-chief Stephen Christy will only say this is a prequel, so no Sarah or Toby. Rather, this will be the story of the Goblin King Jareth, exploring how he came to be in the labyrinth and ultimately, rule over it. Fans shouldn't have any fears they might muck it up as the Henson crew is heavily involved with character designs and covers by Brian Froud himself. Christy also mentions they are involving David Bowie in the process as well, though that involvement is, as yet, undefined. They are absolutely getting his blessing on the story, approvals on his look (as the character will be a young Bowie) and perhaps an introduction. Christy also mentions the use of music within the book, but this seems like a device that may come off badly, so I'd expect they will abandon the idea. They do mention that the price for Bowie to create one song for the book is the same as the budget for the entire project, so that is immediately out the window...unless we beg? Pleeeeeeeeeeeeeeeease??
Expect Archaia to be making a big noise about this book at San Diego Comic Con before the book drops sometime toward the end of the year.