Source: http://www.adventuregamers.com/newsitem.php?id=1061
QuoteThe deal was inked only days ago, and few details are available as of now. Telltale stresses that the game will not be Sam & Max: Freelance Police, the LucasArts title whose highly-publicized 2004 cancellation was widely mourned by fans. New content will be developed, and the game will be implemented in an episodic format similar to that of Telltale's Bone games. Purcell, who works at Pixar, says he will be as involved with the Sam & Max project as he can be.
Haha, those guys were great! :)