Cory Godbey will be illustrating the novel. Stephen Christy will be overseeing the project, and the concept designer of Labyrinth, Brian Froud, will be serving as an advisor.
Although initially set for release at the end of 2012, the graphic novel was repeatedly delayed. It is now no longer scheduled, with its mooted April 2014 release slot being taken by the reissue of the Labyrinth novelization. The graphic novel's future lies in doubt, and if it does come to fruition it is uncertain if it will follow the previously announced plot and be produced by the creative team of Godbey and Christy.
The novel will tell "the story of how Jareth became the Goblin King" and is a "David Bowie extravaganza." The story is reported to feature a young Jareth who is taken to the Labyrinth by a witch. Jareth will be around the age Sarah was in the original film. Sarah and Toby will not play a significant role in the plot.
Editor Stephen Christy has stated the graphic novel will be a "tragic story." While it is still in the early stages of development, there are plans for the novel to integrate music into the plot in some way. David Bowie is being approached by Archaia Comics in order to seek permission to use his likeness, and ascertain if he wishes to have any involvement in the project. 
It is uncertain how many volumes of the project will be released, with Christy stating that "we might do it as a two-volume thing.”