The new line-up emerges in the aftermath of the 41-year-old former director's affair with Stewart, which caused a frenzy in the tabloid press.
Thor star Chris Hemsworth is to return to play the titular character, while Oscar-winner Charlize Theron will return as the villainous queen - but Twilight actress Stewart is noticeably absent.
If she does appear in the film, her role would be likely limited to a cameo or a select number of scenes, the website reported.
The 24-year-old was vilified after photos emerged appearing to show her in an intimate embrace with married father-of-two Sanders in 2012; Stewart was dating fellow Twilight actor Robert Pattinson at the time.
Following the scandal, the actress issued an apology via People magazine, in which she said the "momentary indiscretion has jeopardised the most important thing in my life, the person I love and respect the most, Rob".
After the fall-out, Stewart and Pattinson ended their relationship and 41-year-old Sanders divorced from wife Liberty Ross.
Earlier this month, comedian Joan Rivers claimed that Stewart is suing her over an extract that she wrote in her book, Diary of a Mad Diva, which implies that the Twilight actress owes her career to “being able to juggle a director's balls”.
The comments referred to the "momentary indiscretion".
Universal denied that Stewart was exiting the franchise at the time – but things appear to have changed.
Darbont has previously directed The Shawshank Redemption, The Green Mile and The Mist. He developed and executive produced zombie series The Walking Dead before leaving the show in 2011.
Snow White and the Huntsman received mixed reviews but grossed $396 million worldwide.