The Walt Disney Co. announced Thursday that "The Frog Princess," the company's first hand-drawn animation project in years, will be set in New Orleans and feature "the very first African-American Disney princess" says John Lasseter.

Set for a 2009 release, "Aladdin" and "The Little Mermaid" creators Ron Clements and John Musker are handling the musical which Randy Newman is writing music for (one song is already complete and was performed at the meeting).

Lasseter also said that "Toy Story 3" is now in production and set for a 2010 release via Pixar Animation Studios. Tom Hanks and Tim Allen are back on board, whilst Michael Arndt ("Little Miss Sunshine") is writing the screenplay.

Finally it was added that due to numerous requests, the company is looking again at the idea of a DVD release of 40's animated classic "Song of the South" despite talk that it is racially insensitive.