I see. Some of his picture books are 40 pages. The Elephant and Piggy books are longer, but I believe they're labeled early chapter books (Scholastic says Picture Book). I have seen 48 page picture books. (This is total page count, not pages containing story.) But they are a hard sell. They're also more likely to be nonfiction, which can gear older in picture book format.
Here's the thing, the longer the book is, the more expensive it is to produce, especially in full color. So for someone new, it's a bigger gamble for the publisher. That doesn't mean it can't happen. But it does mean the publisher will need to believe you'll sell as well as that 40-page Pigeon did. It will be an auto reject for some. If you actually have an early chapter book, be sure it has series potential. They are rarely stand-alone books. I hope this helps answer your concern.