Disney is developing a live-action version of “Pinocchio” with Peter Hedges on board to write the story loosely based on the studio’s 1940 animated movie.

Hedges wrote the screenplays for “What’s Eating Gilbert Grape,” “A Map of the World” and “About a Boy.” He directed “Pieces of April,” “Dan in Real Life” and “The Odd Life of Timothy Green” from his own scripts.

“Pinocchio,” which has no other attachments, is the latest in Disney’s strategy of drawing from its extensive animated library.

The studio recently announced that it was developing live-action movie versions of its animated “Winnie the Pooh,” “Mulan” and “Dumbo,” in the wake of successful live-action versions of “Alice in Wonderland,” “Maleficent” and “Cinderella.” A live-action “Jungle Book” is set for a 2016 release and “Beauty and the Beast,” starring Emma Watson, is coming in 2017.

The 1940 movie was based on Carlo Collodi’s 1883 children’s book “The Adventures of Pinocchio,” about an animated puppet and a poor woodcarver. “Pinocchio” was the second animated feature film produced by Disney, following 1937’s “Snow White and the Seven Dwarfs,” but was not a box office success.

Guillermo del Toro has been working on a stop-motion animated “Pinocchio” project since 2008 with the Henson Company. He said in 2012 that he would co-direct with Mark Gustafson, animation director on “The Fantastic Mr. Fox.” Del Toro said at that point that he had considered Tom Waits for the role of Pinocchio’s father and Donald Sutherland for the role of Honest John the Fox.

Hedges is repped by CAA and attorneys Marc Glick at Glick and Weintraub and Stephen Breimer at Bloom, Hergott.

News about the latest “Pinocchio” was first reported by Deadline.