Netflix has announced that it will finance the completion of acclaimed filmmaker Orson Welles' final film which has remained unfinished for decades.

The Other Side of the Wind, which Welles himself wrote alongside Oja Kodar, began shooting in 1970 with John Huston, Peter Bogdanovich, Lilli Palmer and Dennis Hopper all part of the ensemble cast.

Somewhat ironically, the film - a satire - tells the story of a legendary film director (Huston) who is attempting to craft his final masterpiece - the film's namesake.

Producer Frank Marshall (Back to the Future, Indiana Jones) will oversee completion of the film alongside actor-director Bogdanovich (The Last Picture Show, The Sopranos) using handwritten notes Welles left behind. They have been trying to get it completed for over 40 years.

The esteemed producer said: “I can’t quite believe it, but after 40 years of trying, I am so very grateful for the passion and perseverance from Netflix that has enabled us to, at long last, finally get into the cutting room to finish Orson’s last picture.“

Netflix's Chief Content Officer Ted Sarandos said: “Like so many others who grew up worshipping the craft and vision of Orson Welles, this is a dream come true

“The promise of being able to bring to the world this unfinished work of Welles with his true artistic intention intact, is a point of pride for me and for Netflix. Cinephiles and film enthusiasts around the world will experience the magic of Orson Welles once again or for the very first time.”

Welles is considered one of the most respected figures in cinema history having proved himself adeptly as actor, writer, producer and director in films ranging from Citizen Kane (1941), The Magnificent Ambersons (1942) and Touch of Evil (1958).