Gris Grimly will co-direct with Mark Gustafson, with The Jim Henson Company and Pathe funding the project.
The adaptation, based on a 2002 illustrated version, was hatched by Del Toro and Matthew Robbins, and is aimed at an older audience than the Disney version.
Del Toro said of his version:
“What we’re trying to do is present a Pinocchio that is more faithful to the take that Colodi wrote. That is more surreal and slightly darker than what we’ve seen before.”