According to his interview on the Solo red carpet with Nerdist, Favreau let's us know that the story will take place roughly 7 years after Return of the Jedi, (or about 2 years after the Battle of Jakku). He said there will be mostly new characters, and he will use technology he implemented The Jungle Book and the upcoming Lion King.
You can see the whole interview in the clip below, which is cued up to see the important stuff...
The new Star Wars series doesn’t have a release date just yet, but is expected to launch alongside Disney’s stand-alone streaming service. It’s one of “multiple Star Wars” projects in development for the streaming service, according to Disney. Disney CEO, Bob Iger, previously said the service is expected to launch in late 2019, and will cost substantially less than Netflix’s current $10.99 price tag.