Del Toro is teaming up with Reel FX to make the film, which will be directed by Jorge R. Gutierrez, the co-creator of a Nickelodeon show named El Tigre: The Adventures of Manny Rivera. Del Toro also will “present” the film, which also is being produced by Aaron Berger and Carina Schulze of Chatrone Inc.

Gutierrez and Doug Langdale, whose writing credits include El Tigre plus many other animated TV shows, wrote the script, which is described as a Romeo & Juliet-style love story set against the Mexican holiday Day of the Dead.

Music will play a key part in the movie and producers are hoping to snag an international who’s who for the soundtrack.

Del Toro, one of the busiest filmmakers in Hollywood, is now shooting Pacific Rim for Legendary Pictures. The last time he made a Mexican feature was 1993’s Cronos.

Reel FX is the company run by former ILM exec Ed Jones and former Walden Media CEO Cary Granat. The company focuses on CG-animated and effects-driven material and is developing an adaptation of Dark Horse comic Beast of Burden. It’s in post on what will be its first release, Cirque du Soleil’s Worlds Away, written and directed by Andrew Adamson and executive produced James Cameron.

Reel FX is hoping to release Day of the Dead in fall 2014.