Mark Gustafson, who handled animation for “The Fantastic Mr. Fox,” will direct alongside del Toro, who has been working on the project with the Jim Henson Company for some time but only recently decided to direct.
“Pinocchio” has been adapted to the big screen before, perhaps most famously in Walt Disney’s 1940 rendition.
Del Toro, in post-production on Warner Bros.' "Pacific Rim," is working off a story he wrote with Matthew Robbins and Grimly while Robbins wrote the screenplay.
Lisa Henson will produce for the Jim Henson Company with del Toro and Jason Lust producing as well.
“Guillermo has been so passionate about this project from its inception and it is an honor to have him bring his unique blend of live action and animation experience to this well-loved story, collaborating with the talented Mark Gustafson,” Henson said in a statement.
Inferno will handle international sales at Cannes.
“We thought the combination of beloved family friendly brands such as Pinocchio and the Jim Henson Company along with the visual and storytelling genius of Guillermo del Toro would have the markings of a film that will have tremendous worldwide box office appeal,” Bill Johnson, co-chairman of Inferno, said in a statement.