The Oscar-winning director will follow in the footsteps of his friend Alfonso Cuaron and head to Netflix for his next feature.

What is Guillermo del Toro’s next film? We now have an answer.

“Pinocchio” has long been one of the director’s unrealized passion projects, but that’s about to change thanks to Netflix. The streaming giant has officially greenlit the del Toro’s adaptation of the classic children’s story about a puppet who dreams to be a real live boy. The “Shape of Water” helmer is set to direct, write, and produce the movie, which is a stop-motion musical set in Italy during the 1930s.

“No art form has influenced my life and my work more than animation and no single character in history has had as deep of a personal connection to me as Pinocchio,” del Toro said in a statement. “In our story, Pinocchio is an innocent soul with an uncaring father who gets lost in a world he cannot comprehend. He embarks on an extraordinary journey that leaves him with a deep understanding of his father and the real world. I’ve wanted to make this movie for as long as I can remember.”

Del Toro is set to collaborate with the Jim Henson Company and ShadowMachine, the company behind “Bojack Horseman,” on the upcoming adaptation. Patrick McHale will co-write the script with del Toro, while “Fantastic Mr. Fox” animation director Mark Gustafson will co-direct. Del Toro is also working with “Corpse Bride” puppeteers Mackinnon and Saunders.

“We are incredibly excited to expand our relationship with Guillermo and we know that his deeply touching vision for bringing Pinocchio to life on Netflix will be embraced by audiences the world over,” added Melissa Cobb, vice president of Kids and Family at Netflix.

“Pinocchio” will be the next partnership between Netflix and del Toro, who previously worked together on the Emmy-winning television series “Trollhunters.” Del Toro’s next animated series, “3Below,” is debuting on the streaming giant in December, and he already is behind the Netflix horror anthology series, “Guillermo del Toro Presents 10 After Midnight.”

Del Toro is the latest high profile auteur to head to Netflix with a new directorial feature. The director’s good friend Alfonso Cuaron has the Netflix-backed “Roma” opening in December, while Martin Scorsese’s “The Irishman” is coming to Netflix sometime in 2019. Production on “Pinocchio” is set to begin this fall.

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