Andrew Davies, who adapted Evelyn Waugh's "Brideshead Revisited," Alexander Dumas' "The Three Musketeers" and Helen Fielding's "Bridget Jones' Diary" for the big screen, will write the latest iteration of the fairy tale.
Emma Watson, who has long been loosely attached to the project, is in negotiations to formalize her involvement.
Del Toro is now directing the big-budget action film "Pacific Rim" for Legendary Entertainment.
Along with del Toro, Denise Di Novi is producing through her Di Novi Pictures.
The movie remains in development.
On Jan. 13, Disney released a 3D version of its 1991 animated "Beauty and the Beast." So far, the re-release has grossed $46.5 million domestically.
Variety first reported the news.